Feds Raid Foreclosure Rescue, Sale Leaseback Peddler's Office; Snatch Computer Files, Documents; 'F-Rated' Outfit Targeted By Complaints, Media Probe

In Rancho Bernardo, California, KGTV-TV Channel 10 reports:

• The FBI raided the office of a Rancho Bernardo financial firm on Thursday after a joint investigation by 10News and 10News' media partner The San Diego Union-Tribune into the firm's owner and practices. At the office, agents took computer files and other documents on Thursday belonging to Michael Monaco, the owner of Investors Finance, Inc., which offers to buy homes in foreclosure and lease them back to the people living there.

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• Last month, in a joint investigation with the 10News I-Team and 10News' media partner The San Diego Union-Tribune, Monaco squirmed when he was asked about the 1,300 desperate homeowners who each paid him $1,400 upfront to save their homes and then could not even get a call back from him.

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• Monaco has been sued for fraud and breach of contract 17 times. Investors Finance has an "F" rating with the Better Business Bureau and several complaints have been filed.

For more, see FBI Raids Rancho Bernardo Financial Firm's Office (Investors Finance, Inc. Offers To Buy Homes In Foreclosure, Leasing Them To People Living There).

For a previous story, see Customers Unhappy With Rancho Bernardo Man's Mortgage Firm.