3 comments | Wednesday, October 21, 2009
The California Department of Real Estate just announced that Advance Fees for Loan Modification Services is now ILLEGAL! So, to all you consumers looking for Loan Modification services if you are asked to pay any up front cost, run in the other direction because you are not dealing with an honest or lawful person!
As of October 11, 2009, advance Fees for Loan Modifications is Now Prohibited, effective immediately. This announcement provides great relief to Realtors, because for the past few years we have watched struggling home owners being taking for a ride by these Loan Modification specialist. We have been saying for years now that ‘charging struggling home owner giving them nothing but a bill and false hope should be a crime’ and thankfully now it is!!!!
To learn more about this new policy visit the California Department of Real Estate website or follow the below link:
http://www.dre.ca.gov/cons_adv_fees_alert.html
Hopefully, this information helps.
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