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Loan Mod. Scammer Sued for Defrauding Spanish Speakers

Mortgage Capital USA, Inc. and its Chief Executive Officer, Gustavo R. Anaya, have been sued in Pima County Superior Court action for allegedly engaging in an Arizona loan modification scam primarily targeting Spanish-speaking residents. The complaint alleges Defendants use deceptive means to lure distressed homeowners who hope to fend off foreclosure and then Defendants take their money without providing the services for which the consumer contracted.

The court action details four principle allegations:

  1. Defendants charge up-front fees in violation of state and federal law then keep the money regardless of the amount of work completed or the outcome of the loan modification application.
  2. Defendants hold themselves out as legitimate loan modification companies but they are not licensed to conduct loan modification services in Arizona.
  3. Defendants exploit the Spanish-English language barrier of consumers by verbally affirming one set of terms in the agreement in Spanish when the written contract, offered only in English, often states that the consumer agrees to opposite terms.
  4. To add the appearance of legitimacy to their operation, Defendants often represent themselves as being a law firm or that they employ attorneys to work on loan modifications for consumers when neither assertion is true.

Attorney General Tom Horne filed the action in Pima County Superior Court.

Horne stated, “This company charges up-front fees for their services in violation of Arizona’s consumer protection laws, and my office will always vigorously prosecute cases such as this.” Horne added, “These fees are illegal because quite often the consumer never gets the services or goods they paid for.”

Courtesy Mortgage Fraud Blog

David Saks

Time&Temp Memphis

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Mr.Saks' participation in ActiveRain ended April 13, 2015.

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Comment balloon 2 commentsDavid Saks • November 16 2011 02:16AM


Is everywhere and I tell all my compadres, don't fall for it, but they don't listing!

Posted by Hector Reyes, Southern California (NHNR) over 8 years ago

They should listen carefully to you, Hector. There's a dark underworld and swindler nation among the righteous in the profession.

Posted by David Saks ((retired)) over 8 years ago

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