California Foreclosure Rescue Operator Pinched, Held In Lieu Of $500K Bail On Allegations Of Upfront Fee, Title-Deeding Ripoffs

From the Office of the San Bernardino County, California District Attorney:

• On Wednesday, April 20, 2011, Investigators from the San Bernardino County District Attorney’s Office-Real Estate Fraud Prosecution Unit arrested, Luis Miguel Macias, 40, of Rialto, California in the hallway of the San Bernardino County Superior Courthouse.
• Macias had been out on bail facing felony charges in another real estate related fraud case when investigators discovered that he was still operating his fraudulent business under the name of Home Recovery Trust in Ontario, California, victimizing others.
• The scheme involved victims already in foreclosure, who paid large upfront fees, signed agreements, powers of attorney, and a quitclaim deed, all which are illegal in the State of California.
• The fees collected were deposited in the banking account under the name of Home Recovery Trust. The particular victims in this case were evicted out of their home and no loan modification was ever done.
• Macias’ victims are typically unaware of the California Loan Modification Law, under California Civil Code, §2944.7. Macias has a bail in the amount of $500,000.00.

For the San Bernardino County DA press release, see Man Arrested for Real Estate Fraud.