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.