Calif. man sentenced after hundreds lose homes in mortgage scheme

LIVE NOW: Inman Connect San Francisco
Tune-in now to catch the livestream. Don't miss this chance to see real estate leaders tackle the industry's top problems.

A San Diego man has been sentenced to five years in federal prison for his role in a mortgage rescue scam in which nearly 260 California and Arizona homeowners lost their homes.

Prosecutors say Frank Becerra Campos, 66, and two other defendants were accused of bilking distressed homeowners out of approximately $675,000 in upfront mortgage assistance fees that were promised to reduce borrowers’ mortgage payments by 25 percent. Instead, the trio did not pursue any loan modifications and virtually all of the homes were foreclosed.

According to the report, Campos, together with co-conspirators Miguel Carrera and Oswaldo Esqueda, who are believed to have fled to Mexico, charged borrowers $2,500 to $4,500 for the assistance.

Sources: azcentral.com and Phoenix Business Journal