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Resolved
New Haven FinancialFraud, Theft

This group, New Haven Financial, is a group of Real Estate Salesmen posing as Lenders and Mortgage Brokers. If you borrow money from them and you have any equity you will loose your home. They target people who may be distracted by divorce, loss of a job, over-extended and loan them enough money that they are confident it cannot be paid back.

When you get the loan, they don't care if you are employed. They don't need an appraisal because they are real estate experts. The will hide the Deed of Trust and have you sign the last page. They will back-date documents. It's Jacklyn Sutton who leads that part of the fraud. She is at California Equities now. The sister company to New Haven who needs your equity to keep the doors open.

They have lenders they work with like Marilynn M. Gantz who somehow aquires 4-5 trust deeds per year under her Revocable Trust known as Rancho Pacific Properties. She used to be married to Sandy Gantz, who is a valley Slum-lord who runs Gantz Properties, Inc. And this is an 80 year old lady who's signature changes often and is never seen. They have salesmen like James Powell, who will not call you, because he wants you to go into default so he can make extra fees. People like CEO Scott Fine who will threaten you if you complain and will tell you when they have faked a default, that it happens again they will take the home. No laws, no protections exists against these predators and bullies.

They have their own escrow company, but they will not tell you that. They will tell you that you must sign their arbitration agreement, even though that is illegal. And the courts will let them get away with it all, because every Judge knows that you wouldn't be in court if you were not guilty. And Mr. Gary Torrell, of Valense Rows, will use lies, frauds, misrepresentation to legitimate the theft of your equity and possession.

They will lie to you and say that your loan will be 'modified', but what they really mean is that they will hold a surprise Trustee sale, and buy your house for pennies on the dollar. If you sue them, they will change the name of their company. They will say they are a neutral party, and will not show up in court. They will forclose on you, extort money from you to buy it back, and THEN file a request to compell arbitration.

Karen Larson is the person that coordinates this activily. She is a low rent individual who can look right through you and lie to your face. After they sell your home, you will deal with John Bentencourt, who pretends neutrality but in fact organized the inquiry into your finances, and pretends that you can buy your house back. In fact, he hooks up with law firm Able, Barr and Grant, who prey on Homeowners who are suddenly deemed by them to be 'Tenants" and do everything in their power to negatate any protections you might have had under bankruptcy. They will like about you and slander you in court. They will evict you in an Unlawful Detainer action where you will have no defenses.

They will get a Writ of Possession and evict you from your house. Bentencourt will tell anyone who calls, that you are a ###ing idiot because you lost your home. They will hire a nasty property manager who will harrass you over and over again and tell you that you are tresspassing on your own property. They will charge you ridiculous amounts of money if you try to get your possessions out of your house, and hold a sale. They will misuse the laws to take your home, your money and your possessions. The goal is to leave you unable to defend yourself in court. They will ransack your home, take your dead Mother's silver, and your Father's watch and Service records and sell them to the highest bidder. If you try to stop them the Police will arrest you.

You will have tried to get an Attorney, but none of them are a match for these white collar criminals and their two cut-throat lawyers. Most of them know these thugs, and have sign agreements not to defend anyone screwed by New Haven Financial. They will win, because they have the paperwork that you can't see. You are out on the street, while they attack relentlessly from the Century City towers.

They have been investigated by the Department of Real Estate and were slapped on the wrist. They have been refused the exemption to have a real Modification program, the loophole., one of many, that eviserate the new laws to protect homeowners.

And the Ringleader is Lawrence Rabinoff. He graduated from UCLA in finance. He runs this picture perfect 'Loan to Own" scheme. He has engaged in Identity Theft, fraud and and if they lose in court they will settle. But you must remain silent, so that their other victims will sleep well while they plot your distruction.

LET ME REPEAT, THERE ARE NO LAWS THAT PROTECT HOMEOWNERS. DO NOT BE FOOLED. THE BANKS ARE KING, AND THE MORTGAGE BROKERS ARE THE LAZY PRINCES WHO FEED OF OTHER'S HARD WORK, BUT ARE PROTECTED BY THE ROYAL GUARD IF THEY GET CAUGHT.

Responses

  • Lo
    LookingForPrivate Loan Oct 11, 2009

    I was looking for a private money lender in Calabasas and came across New Haven, I also came across these complaints. I can't know if they are legit or not but I am scarred to death to even contact them now for a simple bridge loan as if only half of these poor consumers complaints are true this is an organized criminal outfit! I really hope most of these complaints are just isolated dealings.

    1 Votes
  • No
    Not a fishing fraudster Oct 19, 2009

    Definitely NOT isolated, rather, a complete criminal scheme so bad that various government agencies are in investigation mode. Criminal-in-Chief Larry Rabinoff was suspended, although that is really probation. You can be certain that he and New Haven Financial will screw up at least once more in the next two years. He and Steve Sutton have taken preemptive steps to keep their little den of thieves active by incorporating a couple of new companies, considered to be spawn of the devil.

    1 Votes
  • No
    Not a fishing fraudster Oct 19, 2009

    Carlton: Still fishing? Fishing for a conscience? Hope the boat you and the remaining other bottom feeders are on at New Haven Financial sinks fast and sinks deep.

    -1 Votes
  • Quiz:
    (1) Which New Haven Financial employee is interested in "job inquiries", or "career opportunities" (you know, REAL HONEST WORK)? Hint: supposedly educated at Eastern Connecticut State University. Another hint: his initials are DL.
    (2) Which New Haven Financial employee is also interested in "job inquiries", after washing out at Choice Capital Funding in Atlanta? Hint: is laughably titled "Compliance Manager" with all the experience and wisdom gained after having a real estate license since August 29, 2009 (yes, 73 days). Another hint: his initials are EC.
    Last one out better turn off the lights.

    -1 Votes
  • NEWS FLASH:
    THE NEW HAVEN FINANCIAL INC. PIRATE SHIP HAS SUNK.
    Chapter 11 Bankruptcy filed on October 29, 2009.
    Filing No. SV09-24348-GM.
    Stated assets: N/A.
    Stated debts: N/A.
    Documentation to follow. Requests for information may be posted here.


    Quiz answers:
    (1) Daniel Lambert
    (2) Erez Chanin

    0 Votes
  • Nh
    NHF is gone for good Dec 28, 2009

    My company is a member of the Calabasas Chamber of Commerce. We have received an email concerning New Haven Financial. We, as well as several other companies we deal with, received this letter that we have concluded was sent using the Chamber's email database. WE ARE GLAD TO SEE PROACTIVE USE FOR UPDATING US MEMBERS.

    Bottom line: the warnings and generally bad news about this company are more than true. That letter is copied below, but basically, it warns consumers of horrible business practices by this company which at one time was also a member of the Chamber. Unfortunately, we cannot divulge our name because Calabasas is a relatively small business community, but like the unknown writer of the letter, knowlege is critical to our business and personal decisions.

    Here is the letter:

    To the Calabasas and surrounding business community:

    It is with great relief to report that NEW HAVEN FINANCIAL, Inc., 24025 Park Sorrento Suite 150, Calabasas has gone BANKRUPT despite their best efforts to continue to rip off and seriously damage a growing number of duped customers in the Los Angeles area. This includes investors and borrowers alike. The bankruptcy was filed on October 29, 2009, Filing No. SV-09-24348-GM. (U.S. Bankruptcy Court, Woodland Hills, CA).

    New Haven Financial, headed by Larry Rabinoff, Scot Fine and Steve Sutton have lent funds on homes with huge equity positions, and then systematically and fraudulently foreclosed on those properties, without complying with legal requirements, and fraudulently manipulating the land title recording process.

    They have been further suspended and fined by the California Dept of Real Estate for these and other fraudulent practices. Rabinoff was suspended for TWO YEARS. Go to DRE website (Google "ca dre") and click on consumers, and then licenses. This company is the ONLY real estate company in California to be denied certain extensions for handling mortgage modifications. Numerous complaints documenting these miserable creatures can be found at www.complaintsboard.com as well as /link removed/ and elsewhere. There previously were complaints on www.Yelp.com, but it is known that Rabinoff and company had their lawyers threaten and bully Yelp with a lawsuit despite the publication of truthful, non-defamatory information.

    Documents from the Dept of Real Estate legal complaint can be found on the www.complaintsboard.com site. The legal enforcement department of the California Dept of Real Estate will send you these documents if you are so inclined to read a truly disgusting narrative of theft and deception. Call the "Flag Section" for these documents: phone [protected]-0906 . (The case number is H-35378 LA filed on October 16, 2008, and the resulting "Stipulation and Agreement" was filed on June 17, 2009.)

    Unfortunately, there is more.

    Larry Rabinoff is using his shill, Steve Sutton, to set up two new phantom companies to continue their unethical abuses. These new companies are the Marquee Funding Group, Inc. and Platinum Loan Servicing, Inc., both in Sutton's name, although other documentation is in Rabinoff's name. Presumably, Rabinoff and Sutton set up these new companies (in June for Marquee Funding, in July for Platinum Loan Servicing) knowing full well that New Haven Financial was rapidly heading down the toilet.

    Our local business community does not need ripoff artists like these. There ARE ethical mortgage companies providing legitimate services. New Haven Financial Inc. and its principals Larry Rabinoff, Scot R. Fine and Stephen Sutton, are not among those companies. Please spread the word. Also, you can tell Larry, Scot and Steve (the three stooges) directly at [protected]-5222

    0 Votes
  • Lawrence S. Rabinoff, Scot R. Fine, Stephen D. Sutton at all

    This one is a classic equity stripping or skimming scam popular in [protected]. A new law in many states has put a higher standard on brokers reducing the amount of this type of fraud. Usually perpetuated on unsophisticated, low-income home owners, as disclosed in WP article. This site also details the length of action the company takes to spun this kind of scam. Some points are: 1. Multiple mortgage compnies are spawned to continue after regulators shut down the main perpetrator company. 2. Running internal escrows and trusts to charge extra fees to buyers and drive them further into debt. 3. Related companies are also needed to act as “rescue artists”. 4. Using fraudulent real estate licenses of other persons or expired. 5. Using unscrupulous appraisers and notaries to inflate home prices, manipulate title holders in the records. 6. Forging signatures on important documents.

    #############################################

    Here’s some of the real truth behind the horrific business tactics used by New Haven Financial, for which they are now being investigated by the California Department of Real Estate (DRE). A hearing on a major complaint is scheduled later this month.

    First, the reason behind the creation of California Equity Lenders (Agoura Hills, California) at the end of 2007 is that most of the sales staff had invested, together with a great number of friends and family members, in New Haven Financial’s loans. Big problem: the very bad lending practices practiced by New Haven Financial (at Larry Rabinoff’s direction) were now biting them, their friends and their relatives in the derriere. So much so that the loss by default of properties with New Haven Financial loans went from a trickle to a torrent. New Haven Financial’s income is derived from a combination of points paid at the onset of the loan, exorbitant marked-up processing fees, and a percentage of incoming loan payments on an ongoing basis. All of their trust deeds are recorded ONLY in the investors’ names, NEVER in New Haven Financial’s name, so New Haven is never on the hook for a defaulted and foreclosed property in which their investors’ funds were invested (typically as a 2nd mortgage although more junior positions are sometimes funded). Investors are still held responsible for keeping senior loans current to safeguard New Haven’s junior positions. New Haven continues to accrue fees and costs even on non-performing loans, and have to suck up auction and resale costs and expenses.

    Score in most cases: New Haven $$, Investor 0.

    Many investors either do not anticipate or are not prepared to continue making capital infusions to keep the senior loans current when payment has ceased on New Haven Financial loans. These are very bad loans, and the defecting group of employees (another writer has provided a partial listing of those people) together with their friends, relatives, and investors have filed dozens of complaints with the DRE for these reasons. Civil law suits are also following. One witness has stated that in excess of 50 complaints have been filed with the DRE and Department of Corporations regarding illegal and unethical lending, collection, and foreclosure actions. In addition to California law, New Haven Financial is known to flagrantly violate RESPA requirements, which is the federal law regarding real estate matters.

    Numerous abuses have been noted by New Haven Financial borrowers, including points and interest exceeding legal limits, imposition of undisclosed fees, illegally charging and retaining premiums on third party, and unconscionable clerical and administrative fees. Worse, witnesses have corroborated falsification and manipulation of mortgage application information, including falsification of income, income source, liabilities, and employment. Related to this, and as noted by one writer on these blogs, is identity theft, in which a spouse would (unknowingly to him/her) be added to a mortgage application to pump up income and credit worthiness of the original applicant, to make the new-and-improved application more attractive to potential investors, especially on marginal applications and properties. Remember, New Haven only gets paid for funded applications.

    These misrepresentations further extend to bad, inflated appraisals, using appraisers either beholden to New Haven’s owner, or appraisers who simply request a magic number to achieve the desired loan amount. So what if the nearest “comparable” property is four miles away? The investors don’t know any better, and they are foolishly relying on New Haven to safeguard their investments despite these pie-in-the-sky figures, which are based on grossly inflated appraisals, complicit appraisers, and misuse of prior sales which are either stale, simply not comparable, or outside of a reasonable geographical area. Commonly, appraiser’s fees are marked up illegally.

    Let us review the escrow company favored by New Haven Financial. Reliable Trust Deed of Tarzana, California has been known to accept illegal deviations in title, including out-of-position stake holders, and to knowingly record these deviations at the direction of New Haven Financial’s management, including Larry Rabinoff and Scot Fine. Delays in recording, postponed and missed recordings and the like have been documented, always to New Haven’s benefit. Investors and borrowers alike have been defrauded as a result. Those people include the principles of Reliable Trust Deed, including Lynn Wolcott. That’s an interesting paper trail.

    Speaking of “trust”, New Haven Financial has been documented to violate laws regarding the use and nonuse of trust accounts. These violations include misuse of funds contained in the accounts, nonuse where law requires funds to be placed in trust, failure to inform clients of an in-house “captive” escrow account, and overdrawing the account which means that funds were withdrawn illegally.
    Now, consider the following: at least two of the remaining executives of New Haven Financial have sold or transferred title to their properties, within a time frame defined by laws regarding “fraudulent transfers”. The writer who has been tracking Larry Rabinoff (Westlake Village) and Scot Fine (Hidden Hills sale, transfer of assets to wife on Tarzana property) is on to something, which should be carefully noted.

    0 Votes
  • Sa
    Samantha.UCLA Oct 30, 2011

    I am aware of an 81 year old widow currently living on the street as a result of Larry (Lawrence) Rabinoff, New Haven Financial, MBT Investment, Inc. and Lipp employing fraud, deception and predatory lending, as well as other unethical, and no doubt illegal, tactics. Can anyone advise me on how to assist this woman? She has a complaint pending in Glendale la Superior.

    0 Votes
  • Ra
    Randallmarquis Nov 13, 2012
    This comment was posted by
    a verified customer
    Verified customer

    My name is Randall Marquis, and am the former Senior Editor of the Mortgage Lender Implode-O-Meter. Anyone can google my name to find out what I do. Right now I am VERY interested in any and all complaints and cases against this group. My email address is [email protected] and please put New Haven in the subject line.

    0 Votes

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