Grand Jury charges three with foreclosure fraud

A grand jury in Santa Clara County has indicted three individuals with foreclosure fraud. The case involves homeowners across California and six other states and homeowner of mostly Latino descent.

The indictment against Rene Alvarez, age 39, Mariano Ortega, age 34 and Cydney Sanchez, age 60 alleges that the trio between 2008 and 2009 scammed over two million dollars from over four hundred homeowners in a mortgage loan modification scam.

The grand jury indicted the trio on eighty three counts of fraud involving only forty five of the homeowners that reside in Northern California.

Ms. Alvarez and Mr. Ortega owned and operated M&R Contemporary Solutions, based out of Campbell, California. The firm operated as a foreclosure consulting business. Mr. Sanchez owned and operated West Coast Mortgage and Horizon Property Holdings, based in Beverly Hills, California.

Prosecutors in the case contend that M&R Contemporary Solutions enticed Latino homeowners who were in a range of stages that are involved in the foreclosure process by promoting a so called principal reduction program. The program homeowners were told would save their homes by obtaining purchasing the default homeowners home at a discounted price from the current mortgage lender. West Coast Mortgage and or Horizon Property Holdings would then provide the investors with the funds to complete the purchase. The homeowners would then be offered a principal reduction based on the reduced principal.

The homeowners in the case and former employee’s of M&R Contemporary Solutions testified before the criminal grand jury that no homeowners were ever helped in this matter. The homeowners according to prosecutors paid these individuals over ten thousand dollars apiece even after they had lost title to their property through trustee sales. M&R Contemporary Solutions in addition collected upfront fees from the homeowners which is a felony.

M&R Contemporary Solutions assets have been frozen by court order. The court seeks to use any and all funds for possible restitution and fines that are pending by the court. A trial date has not been set.

Prosecutors in the case are asking that anyone with information regarding the case contact Duance Shewaga, Attorney at the Santa Clara Country District Attorneys Office Real Estate Fraud Unit at 408-792-2879 or

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