Foreclosure Fraud Alert-Monterey Foreclosure Scam Artists Part 1

Foreclosure Fraud Alert

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* NEWS RELEASE *

DISTRICT ATTORNEY FILES FELONY CHARGES AGAINST FORECLOSURE SCAM ARTISTS

FOR IMMEDIATE RELEASE

August 18, 2008

CONTACT: John F. Hubanks

(831) 647-7770

Monterey County District Attorney Dean Flippo announced today that his Real Estate Prosecution Unit has filed multiple felony charges alleging that three suspects targeted and defrauded financially distressed homeowners through a Monterey County “foreclosure rescue” scam between February 10, 2008 and June 15, 2008.

The complaint charges Monterey County residents Maria de Lourdes Ponce and Fabian Olivarez Casillas and Santa Cruz County resident Melissa Garcia with criminal conspiracy. Ms. Ponce, who was arrested by Gonzales Police Department on August 15, faces 11 other felony counts, including residential burglary and elder abuse, 9 counts of grand theft, and 3 misdemeanor counts. The criminal complaint also asks for enhancements for sentencing if Defendants are proven to have taken in excess of $150,000 from the various victims. Ms. Ponce bail bonded to appear on August 26, 2008. Ms. Garcia is currently in custody in Santa Cruz County where she faces prosecution for forgery, elder abuse and multiple counts of felony grand theft in a similar foreclosure fraud scheme and a warrant has been issued for the arrest of Fabian Casillas.

According to the Monterey County complaint, the three suspects allegedly marketed themselves to homeowners as real estate “loan” professionals affiliated with Vista Funding & Associates, Inc. of Santa Cruz County. The suspects allegedly promised that they could negotiate with lenders to either lower monthly mortgage payments or refinance home mortgages and that such services required an advance fee of as much as $2800. Clients were assured that the advance fee was a “loan processing charge” and “fully refundable” if the loan negotiation failed. Between February 10, 2008 and June 15, 2008, the suspects allegedly met prospective clients at a Gonzales residence where clients provided them with their loan information, filled out loan applications and paid advance fees. The complaint alleges that the suspects told some clients to stop making their mortgage payments. When several clients asked for refunds, they were denied. In addition, the suspects allegedly failed to disclose that they were not licensed as real estate professionals and were not affiliated with Vista Funding

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