Articles Tagged with foreclosure

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A Riverside County woman who worked as a foreclosure specialist at Fannie Mae in Irvine has been accused of taking over $1 million through accepting bribery and employing fraudulent sales practices with company-owned properties.

Shirene Hernandez, a 45-year-old resident of Riverside County, was a real estate owned foreclosure specialist for the government-sponsored Fannie Mae in Irvine. Her job duties entailed matching properties owned by the company with brokers and accepting sales offers when proposed by the brokers.

During a time period spanning from April 2011 and July 2016 Hernandez has been accused of personally profiting off of the sales transactions of the properties through fraudulent means. Court documents reflect that Hernandez allegedly accepted gifts and cash from certain brokers in order for them to gain the listing so they would profit off of the sales commissions. In addition, some of the foreclosed properties were said to have been purchased by Hernandez at a price below market value, using different names, and then rented out for profit. In total, it was estimated that Hernandez acquired more than $1 in profits from the alleged fraud.

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After an FBI investigation into what they believe is a fraudulent operation targeting homeowners facing foreclosure by offering low interest loan modifications, three men from Southern California are facing federal charges as suspects in the alleged hoax.

At the start of 2014 under the name Hope Services, homeowners in danger of losing their homes to foreclosure were offered deals for modifying their loans in order to assist them and stop the seizure of their properties. The potential clients were told they were preapproved for the process and they were asked to submit three payments, which would be held in an account, in order to complete the new loan agreements.

Toward the end of 2014 many complaints were received about Hope Services from people who had submitted payments and did not receive their modified loans as promised. The alleged scam operation then changed their name to HAMP Services, which has the same acronym as an existing government program for home loan modification, and they continued to solicit services to new victims until April 2015.