Federal authorities have charged 530 individuals during a yearlong investigation created to protect struggling homeowners from scammers
More than 73,000 mortgage borrowers were victims of the alleged criminals and together lost more than $1 billion, according to the Department of Justice.
The con artists often take advantage of desperate homeowners who are struggling to pay their mortgages and promise that they can prevent foreclosure or work out a loan modification in exchange of a fee. The FBI says the scammers go as far as saying they have a so-called investor willing to purchase the mortgage and sometimes ask the homeowner to transfer the title of the home to people involved in the scheme.
Remember, by Federal law, a mortgage modification company cannot charge a fee till AFTER your loan had been modified. And if ANYONE asks you to transfer the title of your home you run and run fast