Loan Modification Schemes

I'm not sure if California is has the most prolific loan modification schemes or if we are more sensitive to the problem. The District Attorney of Orange County has reported that more than 1,000 people have lost more than $100,000,000 in cases of real estate fraud referred to a special unit of the Orange County District Attorney's Office as reported in The Orange County Register.

The majority of the referrals have been direct from victims or real estate professionals to the District Attorney's Office. The majority has be loan modification schemes.

In one of the cases cited 101 counts of real estate fraud in a loan modification schemes that brought in millions of dollars in boiler room loan modification receipts. The victims lost their homes to foreclosure after paying fees.

I have reported on many cases through out the state. I know that the California Attorney General has also made this a priority. California has one of the highest rates of unemployment and people losing income even in positions where they have not lost their jobs.

It is unfortunate that these criminals have prayed on the poorest of our citizens like this. Many of the companies were attorney firms or had attorney's that have given up their licenses or have had them removed.

I find this behavior a disgrace to those who practice law.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

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Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!