Arizona attorney general sues 2 business owners over alleged real estate scam targeting seniors

PHOENIX — Arizona’s top prosecutor is suing two business owners she accused of offering fraudulent foreclosure services in order to trick homeowners into signing over the deeds to their homes.

Arizona Attorney General Kris Mayes announced her lawsuit against Edward Trenton Albarracin and Gretchen Marie Zamjahn on Monday.

Mayes is also suing 50 business entities Albarracin and Zamjahn controlled. She said some of these businesses had names like “Hands of Hope,” which were designed to mislead homeowners into thinking they were signing up for services that would save them from foreclosure.

“These scammers pretended to offer a lifeline to homeowners in crisis,” Mayes said in the announcement. “In reality, they were stealing people’s homes out from under them.”

Details about Kris Mayes lawsuit over alleged foreclosure fraud

The lawsuit accuses Albarracin and Zamjahn of targeting people who were about to lose their homes. They allegedly promised to catch up on the homeowners’ late mortgage payments so they could stay.

According to Mayes, the victims were told to “temporarily” transfer ownership of their homes to a trust, but, in reality, the deeds were given to fake companies that Albarracin controlled.

Albarracin then allegedly signed the deeds as if he represented those companies. Zamjahn, who is his wife, notarized the deals — even though that was illegal and a conflict of interest, Mayes said.

“This scheme specifically targeted elderly Arizonans who were already struggling,” Mayes said. “It used lies, shell companies and even illegal notarizations to pull it off.”

Not only that, but Albarracin and Zamjahn further victimized their targets by pressuring them to file false bankruptcy or probate cases, Mayes said.

“I will go after any scam artists targeting homeowners, especially those targeting vulnerable adults and senior citizens,” she added.

What is Kris Mayes hoping to achieve with foreclosure fraud lawsuit?

Mayes said she hopes to void any transactions that were improperly notarized by Zamjahn. A judge granted her request for an emergency receivership over all of the couple’s assets, including real estate, vehicles and cash accounts.

She said the lawsuit is seeking restitution for victims, civil penalties against the real estate operators involved in the alleged scheme and a permanent bar from the couple ever buying or selling real estate in Arizona.

“I urge anyone who believes they’ve been victimized to contact my office immediately,” Mayes said.

Victims can reach Mayes’ office by calling 602-542-5025 or sending an email to aginfo@azag.gov.

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