Arizona passed a law stating that all loan modifications must be handled by a licensed loan officer by next summer. Many people sent in complaints that people were taking their money and they were not receiving the results as promised. Loan modifications were not governed by any state agency until as of this week. I know loan modifications is a big part of President Obama's plan to help slow down foreclosures. Personally, I have heard many people gave their money and that person would not call them back. It was getting out of hand.

Both Arizona loan officers and loan modifiers must do the following:

  • Pass criminal-background checks
  • Take 20 hours of education on lending laws
  • Pass a national test and
  • Post yet-to-be determined bonds and contributions to the state's financial crime-recovery fund beginning July 1, 2010.

Cited: http://www.azcentral.com/business/articles/2009/07/16/20090716loanlicensing0716.html

It is a step in the right direction for both sides. Again, I would rather deal with licensed professional.

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This post has been included in Arizona Real Estate News

5 Comments on ARIZONA PASSES NEW LAW LOAN MODIFICATIONS

JUL
18
2009
188,478 Points

Thanks for the great news. This was needed in AZ
6:18pm • #1
943,306 Points 26 Featured Posts Outside Blog Attended Rain Camp

I am so glad that they passed this law. It was needed here
6:28pm • #2

Would be wonderful if they made all states do this.  I just blogged about Calif Dept of Real Estate having 750 complaints against companies doing loan mods.  Last year they had 10 complaints.

It's the buzzards circling the desperation. 
6:32pm • #3
106,963 Points

This law was very much needed here in AZ. No more wild West
7:53pm • #4
943,306 Points 26 Featured Posts Outside Blog Attended Rain Camp

Thanks for stopping in today. Need more rain
8:52pm • #5


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Harry F. D'Elia, Investor , Mentor, CSSN Radio Coach, REOs, ABR, ePRO, CDPE

Phoenix, AZ

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Precision Real Estate Inc.

Address: 4425 W. Olive Avenue #178, PROPERTY MANAGEMENT $60 PER MONTH PER DOOR, Phoenix, AZ, 85302

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Intended to share information, ideas, and tips on buying and selling real estate in Phoenix, Arizona. Written by realtor and radio host, Harry F. D'Elia. This Blog focuses on the creation of wealth through real estate and is involved in teaching others how to conservativley buy and sell real estate to enhance one's current portfolio. Agent's are welcome to follow along and learn from Harry how to successfully meet your clients needs.


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