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|October 17, 2017|
Foreclosures spawn illegal loan modification business
SAN BERNARDINO – Prosecutors are expanding their investigation of an illegal loan modification business that took advantage of those facing a home foreclosure.
The arrest of Yunuen Medina, 26, in Corona follows that of Luis Miguel Macias, owner and founder of Home Recovery Trust.
Investigators say the pair took upfront fees and had the victims sign a power of attorney, in some cases Quitclaim Deeds, that required the victims to make monthly payments to “Home Recovery Trust.”
Victims have come forward from Riverside, Los Angeles and Ventura Counties, and from as far away as Reno, Nevada. Most were Spanish-speaking and were unaware of the California Loan Modification Law. (INT)
Story Date: May 16, 2011