General Crime

* Co-Owner Of M & R Contemporary Solutions Inc Foreclosure Firm, Rene Alvarez Arrested And a Warrant Issued For Mariano Ortega

Fugitive Watch Logo 77x77px

A San Jose man was arrested Thursday on fraud charges following an investigation by the Santa Clara County District Attorney’s Office.Rene Alvarez, 39, was arrested for participating in a wide-ranging loan modification scam in which he allegedly defrauded hundreds of homeowners whose homes were in foreclosure, according to the district attorney’s office.Authorities have issued an arrest warrant on the same charges for Mariano Ortega, 34, of San Jose, who along with Alvarez owned and operated M & R Contemporary Solutions Inc., a foreclosure-consulting firm in Campbell.The investigation revealed that the firm had recruited nearly 500 mainly Hispanic homeowners throughout the state by pitching a program in which homeowners were told that the firm would save their residences from foreclosure by facilitating the purchase of their existing lender’s loan by a third party at a discounted price.A new reduced principal loan was then offered to the homeowners to significantly lower their monthly payments.Ortega and Alvarez allegedly collected more than $2 million in advance fee payments from homeowners in their “principal reduction” program since mid-2008, but ex-employees claim no homeowners were ever assisted in this way.Anyone who may have information regarding the whereabouts of Ortega or about the incident in general is asked to contact District Attorney Investigator Bob Traskowski at (408)792-2938.

Copyright © 2009 by Bay City News, Inc. — Republication, Rebroadcast or any other Reuse without the express written consent of Bay City News, Inc. is prohibited.

Leave a Comment


  • Dear Gustavo,
    That is a lot of hate. First of all your mother or your family is not being foreclosed because of a company/ agent. Listen: your
    lack of responsibility and stupidity took you were you deserve to
    live , in a small apartment. There are millions of people like you who blame others for your mistakes. I know your kind. Your mother was aware that the mortgage payment was high, that the jobs your family members perform are low wages jobs. So why do you think this person is responsible for your poor decisions. Yes he might make some time in jail but you, your mother and millions of irresponsible and opportunistic people will be living for many years renting a room for five, but with microwave included.
    Think about it>

  • wow Gustavo that is a lot of hatred you have against someone who has not been convicted on anything, i have done some research on what exactly M&R does and let me tell you this, M&R is the only program that makes scenes for any home owner to save there home, unless you want to do a loan modification (hope you qualify) which is only going to reduce your interest rate and not your principal.

    I understand Gustavo you want to point your finger and blame someone for you losing your home which I am truly sorry, but maybe you should sue the bank they are the ones that made it impossible to save your house and in reality took your 100k, or maybe you should blame yourself for not making your payments which leads into foreclosure, the only way to avoid foreclosure is to remain current

    I know someone who was in the program, they help them stay in there property while they were in the process of negotiating her note. I feel very strong about this program and unfortunately people need to be educated on the difference between a loan modification and M&R. Unfortunately the news like to over react and assume this company is fraud when in reality they don’t even know what they are talking about.

  • Pls share me info regarding Rene Alvarez being fraud bec. we have ongoing process supposed to be as to saving our home by his company

  • WE want to press charges on to “rene alvarez” on top of “rene alvarez” current charges. WE want to save our house that was fine before “rene alvarez” got in the picture and lied.
    Im a hispanic and my mom was scammed by “rene alvarez” here is my story

    Please if an article be printed or made known to the public, it will hopefully cease the opertunity for “rene alvarez” to not escape especially on a 2 million dollar bail which can be little to nothing for “rene alvarez” or any of his family or friends, here is our story

    I dont think “Rene alvarez” should be on bail especially for 2 million dollars as “rene alvarez” may have family who can set him free,

    then he will disapear,My mom got scammed as well we are having an eviction notice for this sept, we were told by “rene alvarez” not to continue paying our mortage payments as it was un nessary. I believe “rene alvarez” collected atleast $3,000 upfront from my mom. Any help or suggestions would be great.

    This is all we have left we spent all $60k+ in our house plus our monthly payments since 4-5 yrs ago

    Let everyone know as many people may not be aware of “rene alvarez” fraud.

    I want him to Rot in prison and i want to sue him ,My mom credit went to the floor we are losing our house because of him, We were fine before he show up in the picture, since we were barely making it we thought this was a chacne but blindly we believed into a scam.

Show Buttons
Hide Buttons