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Petaluma mortgage firm accused of defrauding more than 50 clients

Deanna Reade was in a financial pickle.

She and her husband were underwater on their Windsor house when the payments jumped on their interest-only loan by $1,000 a month.

On the advice of a friend, Reade turned to Petaluma-based Mortgage Modifiers Inc., in the hope of getting a chunk of her debt forgiven and restructuring the loans on her house and an investment condo to make them more affordable.

But months after paying the company two upfront fees totaling nearly $4,000, nothing had happened, she said. And the banks said they were unaware of any effort to refinance.

So Reade confronted the company's owner, Miguel Angel Lopez-Soleta, who agreed to a refund. He sent her two checks but they both bounced, she said.


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