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Three suspected of mortgage fraud

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Posted: Friday, December 2, 2011 12:00 am | Updated: 6:13 am, Fri Dec 2, 2011.

Three top officers of a Stockton real estate company were arrested Thursday on suspicion of taking thousands of dollars in up-front loan modification fees and making false promises to lower the mortgage payments of struggling Central Valley homeowners, according to a news release from California Attorney General Kamala D. Harris.

Magdalena Salas, 42, Angelina Mireles, 42, and Julissa Garcia, 36, all from Stockton, were arrested on 13 felony and two misdemeanor counts, including conspiracy, grand theft and false advertising, Harris said. They are being held at the San Joaquin County Jail in French Camp on $100,000 bail.

“The mortgage crisis has caused tremendous damage to our state and to California families,” Harris said. “There is nothing worse than those who seek to capitalize on this devastation by defrauding Californians who have already been victimized in this crisis.”

The case was investigated jointly by the Attorney General’s Office, the San Joaquin District Attorney’s Office, the Office of the Special Inspector General for the Troubled Asset Relief Program, the California Department of Real Estate and the Stockton Police Department.

Salas, owner of Legacy Home Loans and Real Estate, Mireles, her twin sister, and Garcia took up-front fees of up to $5,000 from dozens of Central Valley homeowners for loan modification services that were never performed, according to Harris.

For tips on how to avoid mortgage fraud and other resources, to report fraud or to file a complaint, visit www.tinyurl.com/cedt7w5. Anyone who suspects a mortgage modification scam may call the hotline number, 877-SIG-2009.

Contact reporter Ross Farrow at rossf@lodinews.com.

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1 comment:

  • Jerry Bransom posted at 11:05 am on Wed, Dec 7, 2011.

    Jerry Bransom Posts: 363

    I really am happy to see some action on these types of fraud but can we get to the real criminals at the Mortgage Companies who falsified documents and their "all too willing" co-conspirators that accepted the mortgage and moved into a home they could not afford?



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