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FOR IMMEDIATE RELEASE: CONTACT: K.B. Forbes (202)320-1212
Thursday, February 28, 2008 kbforbes@hotmail.com
AS HOME FORECLOSURES SKYROCKET,
MORTGAGE FRAUD HELP ARRIVES IN
SOUTHERN CALIFORNIA
EAST LOS ANGELES, CA—A leading consumer advocacy group announced free help to the thousands of homeowners in Southern California who have lost their homes, are in the process of losing their home, or believe they will lose their home in the near future due to mortgage fraud. The group is documenting cases of mortgage fraud for a report to be issued this summer in the nation's capital and will have all cases reviewed by a legal aid team.
"Shady realtors, greedy mortgage brokers, worthless appraisers, and careless escrow companies are to blame for some of the crisis many homeowners face today," said K.B. Forbes, Executive Director of the Consejo de Latinos Unidos, a national not-for-profit organization and public charity which investigates and educates the public about consumer fraud and abuses. "We suspect that at least one in five homeowners in Southern California has been hoodwinked by one of the key players involved in the transaction. The mortgage and real estate industry cannot claim innocence."
Rueben Preciado, a homeowner from Moreno Valley, discovered that his supposed 30-year fixed loan was not fixed last September. "Our payment went much higher and we didn't know why. Our loan, it turned out, was a three-year fixed and 27-year adjustable." When he tried to refinance, he discovered that his loan included an unconscionable pre-payment penalty equal to six months of interest. He could not afford to refinance. "We are barely making it," said Preciado, a tire mechanic who works at an auto tire store in Pomona. "I have had to borrow money from family to stay afloat and not lose my house."
Consejo has reviewed Preciado's case and found that he was never given final documents showing the loan change and it appears his escrow company and mortgage broker deceived him.
Consejo has set up a toll-free hotline at 1-800-474-7576. All services are free.
The Consejo, which has published ten investigative reports on hospital price gouging, religious fraud, police abuse, and pharmaceutical corporate deception, has helped spur at least three U.S. Congressional investigations and hearings. Consejo's work against hospital fraud was profiled on CBS' 60 Minutes in 2006. Over 500 news articles have been written about Consejo's work since the organization was founded in 2001.

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Comments for this video on YouTube

They are a bunch of ... ( 8 months ago by johnddscom)

They are a bunch of cockroaches!!!!

Array ( 8 months ago by johnddscom)

GO GET EM!!! Does this have anything to do with American Financial in Bend Oregon? Do you have a copy of the 60 minute piece on Hospital price gouging?

KB, What you doing ... ( 8 months ago by johnddscom)

KB, What you doing in Peru?

This is such ... ( 8 months ago by Douggie0000)

This is such bullcrap.

These mortgage ... ( 8 months ago by Xbwalker)

These mortgage scammers are on the same level of criminals that rob banks and houses. So they should do the same amount of time behind bars, if not more!!!

These mortgage ... ( 8 months ago by Xbwalker)

These mortgage scammers are on the same level of criminals that rob banks and houses. So they should do the same amount of time behind bars, if not more!!!

Bean'ers I hate em! ... ( 3 months ago by tomcalps)

Bean'ers I hate em! 1 4 / 8 8 !!!