Foreclosure Rescue Operator Gets Five Years For Role In Racket That Clipped 250 Financially Distressed Homeowners Seeking Loan Modification Help Out Of $675K In Upfront Fees
In Phoenix, Arizona, the Phoenix Business Journal reports:
- A San Diego man has been sentenced to five years in federal prison from his role in a mortgage foreclosure rescue scam that took place in Arizona and California. But his two co-conspirators have fled to Mexico, according to federal investigators.
Frank Becerra Campos, 66, previously pleaded guilty to federal charges of defrauding 250 distressed homeowners out of $675,000 worth of up-front mortgage modification assistance fees.
Federal prosecutors and the FBI accused Campos and two other men, Miguel Carrera and Oswaldo Esqueda, of targeting Spanish-speaking homeowners in Arizona and California and promising them mortgage modification help. The scheme promised to reduce mortgage payments by 25 percent and sometimes the trio encouraged homeowners to file for bankruptcy protection to delay losing their homes.
The trio operated under businesses called Gold Capital Investments LLC and Foreclosure Home Savers LLC.
Federal prosecutors and the FBI claim Carrera and Oswaldo fled to Mexico. They also claim Carrera may be working in real estate there under the name Mike Beltran.