Thursday, October 27, 2011

California Regulator Issues C&D Order Against Operator Allegedly Running Illegal Upfront Fee Loan Modification Scam

California Watch reports:

  • The [California] state Department of Real Estate issued a desist-and-refrain order against a Los Angeles man accused of running an illegal loan modification business, as boom times continue for mortgage scams.

  • Last year, California Watch reported that George Bolanos was targeting Latino homeowners in Southern California with offers to help avoid foreclosure for an illegal advance fee. Bolanos advertised on Spanish-language radio and sometimes refused to give his last name to clients.

  • A state investigation prompted by the story documented six cases in which Bolanos charged money up front for loan modifications, which is banned in California to protect consumers. The desist-and-refrain order bars Bolanos from running any kind of real estate business because he is not licensed.

For more, see State targets mortgage scams, but problems persist.

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