Good Afternoon.
Over the weekend, I wrote a post about important considerations when participating in a loan modification.Well, when I arrived at the office today, I had this wonderful email from the California Association of Realtors® in my inbox. "Loan Modification Attorneys Under Investigation" is the title of this email.
The email begins, "In a rare move, the State Bar has released the names of 16 attorneys under investigation [for misconduct related to loan modification], by opting to waive investigation confidentiality in favor of public protection. These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes."
Quite frankly, it's about time.During the past year I have seen about 50 borrowers using the services of Realtors® in my office who, at the eleventh hour, were enticed into a loan modification by some attorney or non-attorney staff who had telephoned the borrower or popped by without an appointment.
No disrespect to attorneys because I know that there are many fine ones out there, but this loan modification fraud has got to stop. Non-attorney staff, in many cases, really pulls out all the stops. They are excellent sales people who get a portion of the amount collected and then just move on to prey on the hopes of desperate individuals who, in many cases, are unemployed and will lose their homes no matter what.
I'm sure other states are also pursuing similar action. To see a list of the attorneys currently under investigation in the state of California or to read the entire article, click here.
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