Arizona Man Pleads Guilty To Loan Modification Scam
Bobby Herrera, a local Glendale man who was charged with taking money form homeowners in foreclosure with false promises of getting them an Arizona loan modification plead guilty April 15th and faces five years in prison as well as a possible $73,000 in restitution to his victims. This is just another example of how important it is to research the person or company that is promising to help you modify your mortgage. These mortgage con artists say all the right things so it is so important to see where they work. Meet their team and ask for testimonials or references. Loosing your home to foreclosure is much too important to just leave things up to hope! Take back control of your situation by choosing a loan modification company that has the proof they can get the job done. Below is a press release from Arizona’s Attorney General Terry Goddard (which all of us at www.AdjustMyLoan.com support) about this scam. Bobby Herrera is scheduled to be sentenced May 13th and we will keep you up-to-date on the results as soon as they come out.
For Immediate Release
Mortgage Fraud Artist who Victimized 47 Valley Homeowners Pleads Guilty
(Phoenix, Ariz. - April 15, 2009) Attorney General Terry Goddard today announced that Bobby John Herrera, 33, of Glendale, has pleaded guilty to one count of fraudulent schemes and artifices, a Class 2 felony, in connection with a mortgage loan “assistance” scam he orchestrated that victimized 47 Valley homeowners.
In December 2008, Herrera was arrested by Surprise and Peoria police in connection with the scheme. He pleaded guilty yesterday in Maricopa County Superior Court. He is scheduled to be sentenced on May 13 and faces five years in prison as well as $73,000 in restitution to victims.
According to investigators, Herrera solicited struggling homeowners with fraudulent claims that he could modify mortgage terms or provide other assistance to help them prevent foreclosure. Herrera allegedly claimed to have “connections” and expertise negotiating with mortgage lenders to reduce consumers’ monthly payments and prevent foreclosure.
In exchange for the services he claimed to provide, investigators said Herrera often charged the victims upfront fees of $1,245. Herrera is alleged to have not provided any such mortgage loan modification or foreclosure relief assistance, using the money instead for personal expenses.
“Herrera was a wolf in sheep’s clothing. He preyed on struggling homeowners at a time when they could have been getting real help to save their homes and their families’ economic stability,” Goddard said. “I urge all homeowners who feel they are at risk of foreclosure to reject offers from costly ‘loan assistance’ businesses and get help from a HUD certified housing counselor. These counselors can be trusted to look out for your best interests and they won’t cost you a dime.”
The Attorney Generals Office began receiving complaints about Herrera on December 3, 2008. In response to concerns raised in complaints, the Office initiated a criminal investigation into Herrera’s activities. The criminal investigation into this case involved the Arizona Attorney Generals Office, Surprise Police Department and Peoria Police Department.
The Arizona loan modification experts at adjustMYLOAN.com have helped a couple of the victims of this loan modification scam artist so far. We were able to put some of his victims into decent modifications just in time to stop the foreclosure auction from taking their houses. We are not saying this to brag…just to let you know that there is such a thing as an ethical loan modification company out there that actually does the work they are paid to do. We understand how much time, effort, and skill is needed to navigate a complete loan modification from start to finish and also understand that most people don’t have the time to spend fighting it out with their lenders. Our loan modification service allows you to focus on your family and your job, while the loan modification is left to the professionals. We offer free consultations and never charge any expensive upfront fee’s for our service. Give us a call at 1-800-557-7573 and shop us compared to our competition. We believe you will be relieved once you get to know our professional staff.
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It’s crazy how many scam artists there are out there! I have heard a lot of good things about http://www.adjustmyloan.com and their staff. They obviously care about their customers after reading all of their blog posts about honor and integrity.
Cheers,
Dawg Mgraw
There are a lot of people like this that are preying on distressed homeowners. Loan Modification Companies should be required to apply for a license with the State or the Mortgage Lending Division in order to modify loans. This would cut down on a lot of these scam artists.