San Diego Realtors Asked to Help Bust Real Estate Fraud

Foreclosures
14 Comments
Share

It’s a sad fact of life, but unscrupulous vultures are always ready to pick at the flesh of the most financially distressed.

It is also refreshing to hear that San Diego County District Attorney Bonnie Dumanis is asking San Diego Realtors to help her track down and prosecute real estate fraudsters operating in our county.

We have written before about the foreclosure and loan modification scams that prey upon distressed San Diego home owners who are struggling to stay in their homes. The DA’s office is aggressively trying to warn homeowners to stay away from these San Diego real estate crooks and their fraudulent offers of mortgage and loan modification assistance–and is asking us, as San Diego Realtors, to report any suspicious activity.

All too often, unwitting and desperate home owners will pay an upfront fee to a person or company who promises to prevent foreclosure–or to modify existing mortgage loan terms. And all too often, people are paying for services they never receive–and might be better off with a do-it-yourself  loan modification.

San Diego real estate agents are also advised to be wary of “sanctuary” scams, where these real estate vultures claim ownership of vacant or foreclosed homes via the filing of phony (but official-looking) grant deeds with the County Recorder’s Office. And even though these documents don’t actually transfer title, they do cloud ownership and create havoc with the law enforcement agencies.

In California, it is illegal for foreclosure consultants to acquire distressed real estate from their clients, and it is also illegal for California real estate licensees to charge upfront fees for loan modification services without first meeting strict requirements laid out by the California Derpartment of Real Estate.

Michael Groch, chief of the District Attorney’s Economic Crimes Division, is asking San Diego Realtors and citizens to report all potential real estate scams to his office. The San Diego County District Attorney’s Office can be reached online or at (619) 531-4475.

If you are interested in a short sale for your San Diego home, or other loan modification resources, feel free to call Mike or Roberta Murphy (877)818-8197 or 760-402-9101/9102.

14 responses to “San Diego Realtors Asked to Help Bust Real Estate Fraud”

  1. Homeowners can try to negotiate a loan modification with their lender without using a third party service. Items typically needed include: two recent pay stubs, two recent bank statements, a convincing hardship letter, a very detailed monthly expense budget, recent comparable home sales within a one mile radius. Current income has to cover monthly budget expenses, plus the new proposed mortgage payment.

  2. While unfortunate that there are people out there looking to take advantage of others, it is pretty satisfying to hear that there is something being done about it. Hopefully agents in the area will send plenty of business to the DA's office. 🙂

    Having helped so many great people get their california real estate license, it is just so sad to hear that people are abusing the license they worked so diligently to get in the first place.

  3. Sanctuary Modification Services, Inc.
    23101 Lake Center Drive, #220
    Lake Forest, CA 92630
    (877) 663-7461

    1 Welcome Letter.pdf (31KB), 2 SERVICE AGREEMENT (3).pdf (36KB), 3 Authorization to Release Information Forms 1st.pdf (14KB), 4 Hardship Affidavit.pdf (27KB), 4 Hardship Form.pdf (17KB), 5 DNC Letter.pdf (14KB), 6 SMS Financial Information Form.pdf (106KB), 7 IRS 4506-T form.pdf (253KB), 8 CHECK BY PHONE FORM.pdf (15KB), 8 CREDIT CARD AUTHORIZATION FORM.pdf (16KB), Judi White2.vcf (6KB), Judi White3.vcf (6KB), Judi White4.vcf (6KB)

    Above is a company offering loan modification. I live in Cabot, Ar, and need to know if this is a legitmate business. Their upfront fees total $2500.00, and they claim it will take 60-90 days to complet the process.
    Any information, anyone has on this company will be greatly appreciated.

  5. Greg Have you heard any more about this company? I am looking at using them but I am a little leary.

    Thanks

  9. Now a days in real estate industry only fraud things will happen these real estate agents making lot frauds and normal people fed up of these things. We should control all these things otherwise people will not live calmly.

    Thanks

  11. Because of continuous economic downturn, many realtors and business establishment were engaged in financial issues, they tend to get big loans in order for their business to survive in this time of depression.

  12. when we try to avoid violating law, other people are trying to act against law towards us. what we do then just pray and do something with it as best as we can

  13. From day one onwards the fraud things are happening in the real estate field because of property only not for anything. Now a days these people are killing innocent people for land this is very bad for all of us. this real estate fraud is bigger than bomb blasting, so we need to take some action against them.

    Thanks

  14. One of my relatives took a small loan to fix his automobile he now regrets it for the moving machine is dead and so is all the loan money. Therefore loans are not sweet for investments that wear off easily it is simply not a wise idea.

Comments are closed.