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| AG Warning on Bank Owned Foreclosures Prevention Fraud |
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| Written by John Cutts |
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Goddard said that homeowners who became victims of loan modification fraud were left in a worse condition than before while the people who committed the fraud walked away with their money to find another victim. Goddard cited the case of Bobby John Herrera, a Glendale resident, who was convicted and sentenced to a five-year imprisonment as a result of fraudulent bank owned foreclosures rescue scheme. Herrera was able to victimize about 47 distressed homeowners in the Valley. He promised his victims that he would reduce their monthly loan interest rate and ask each of them $1,235 for fee. Meanwhile, Larry Bush of the U.S. Department of Housing and Urban Development (HUD) said that the HUD is aware of the growing cases of loan modification fraud. He said that distressed homeowners who are anxious to save their homes from foreclosures are very vulnerable to fraud. He warns them to be cautious of people who contacted them with offers of help instead of the other way around. He added that there are legitimate housing counselors in Arizona who are available to help troubled borrowers free of charge. On the other hand, Goddard suggested that distressed homeowners who are facing the possibility that their homes will become bank owned foreclosures, should seek directly the help of their mortgage servicers or lenders or government-approved housing counselors. John Cutts |
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- Fact or fiction? 'Pay or play' leaves some out
- Madoff's Montauk home: Meet the broker