Grand Jury Indicts 11 Linked to an Inland Empire Loan Modification Scam That Targeted Financially Distressed Homeowners

Grand Jury Indicts 11 Linked to an Inland Empire Loan Modification Scam That Targeted Financially Distressed Homeowners

LOS ANGELES, CA – September 13, 2012 – (RealEstateRama) — Federal agents this morning arrested 10 defendants who worked at a Rancho Cucamonga-based business that allegedly offered bogus loan modification programs to financially distressed homeowners. As a result of the scheme allegedly run out of 21st Century Real Estate Investment Corp. and several related companies, more than 4,000 financially distressed homeowners lost at least $7 million in fees they paid to the company, and many homeowners lost their homes to foreclosure.

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