Federal prosecutors say more than 100 homeowners in California and across the country were victimized in a mortgage scheme that siphoned off nearly $13 million in home equity.
The U.S. Attorney’s Office in Sacramento announced the indictment of Charles Head of La Habra and 18 others on Monday. Prosecutors allege they preyed on homeowners struggling to make payments on adjustable-rate mortgages.
Under the scam, homeowners facing foreclosure were promised lower house payments and even cash upfront to help pay bills if they agreed to add another name to their home’s title. They also were required to pay rent to that investor while they got their finances back in order. Read more
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