Arizona Feds Being Flooded With Thousands Of Complaints On Loan Modification Scams

In Phoenix, Arizona, KNXV-TV Channel 15 reports:

• At a time when families are losing their homes to foreclosure, others are seeing a way to prey on their desperation. And right now the FBI is inundated with loan modification fraud schemes.

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• "I've never seen these levels of fraud in the 12 years I've been in Arizona," said Julie Hafferty, Special Agent in charge of Arizona's mortgage and fraud division with the FBI. Hafferty says they're getting thousands of complaints to investigate. Homeowners have paid out $500 to $5,000 dollars hoping to save their homes with more affordable payments, but in return were robbed.

For more, see Valley FBI office swamped with loan modification scams.