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Loan Modification Gets a Modification in California

Loan modification gets a modification in California. Governor Arnold Schwarzenegger signed Senate Bill 94 on October 11, 2009 that prohibits anyone from charging an advance fee for any loan modification or loan forebearance services in California. This includes licensed real estate agents and lawyers. What does this mean for the consumer? If anyone, and that means ANYONE, is trying to get money up front from you when you try to modify your loan, they are doing so illegally. If you entered into an agreement with a California-based loan modification company who demanded an advanced fee before October 11, 2009, this law does not apply to you. However, if you entered into an agreement with a loan modification company in California after October 11, 2009 and had to pay an advance fee, the company is required by law to fully refund the fee.

If you have any questions regarding your Ventura County real estate, please contact the Z Team. We're always happy to help.

Dave and Pat Zumbrun, The Z Team for Ventura Real Estate

Posted by Dave and Patricia Zumbrun on 10/22/2009 01:30 PM

Comments (1)

Loan Modification Gets a Modification in California in the Mortgage / Finance Channel

loan modification, loan modification laws, loan modification fees, california loan modification laws

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1 Comments on Loan Modification Gets a Modification in California

NOV

Great Article!
My mother's loan modificationwas a nightmare when she went directly through her lender.

Then after they denied it, she was scammed by a loan mod company out of Florida.

She finally got the loan modification through an A Rated BBB company called Mortgage Assistance Group out of Glendale, AZ. They helped her stop foreclosure and extend the auction date.

Her payment was reduced by 30% and they used government funds paid off all her arrears.

Its important as consumers to point out the good guys with all the scams out there.

Here is their information if you know anyone that needs their loan modification programs.

Mortgage Assistance Group 7055 West Bell Road, Ste 22 623-486-4505 www.mag-az.com

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Dave and Patricia Zumbrun

Ventura, CA

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