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My personal opinion on a loan modification
DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.
written by Daniel Pizano
February 1, 2009
It seems that everywhere you look, someone is doing loan modifications. Investor groups, Brokers, Non-Profit Organizations, and even attorneys are getting in on the act. Is the upfront charge of $1,000, $2,000, $3,000 or even $4500 worth it or not?
It seems that there are many unscrupulous companies out there just pocketing money and not doing anything for the person losing their home. These shameless people prey on the helpless and the unfortunate individuals who are in a bad financial situation and add insult to injury.
According to the DRE's website, The law is very clear when it comes to Licensed Real Estate Brokers helping you with a loan modification. The main thing to remember is that you the homeowner are protected by California Civil Code Section 2945, which regulates "foreclosure consultants", forbids anyone who falls under the definition of a "foreclosure consultant", as well as a real estate licensee, from collecting any advance fees for these types of services if ... more

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