loan modification: Illegal Loan Modification
- 11/03/08 12:24 PM
loan-mod-testimony The craze right now for former loan brokers is to become a loan modification specialist. However, in states like California is it illegal for anyone except attorneys to take a fee before they provide the assistance. The rationale is because attorney’s are held to the highest standard and are members of each state’s bar whereas brokers nearly no duty to anyone. Legislation requires that brokers and others trying to be foreclosure consultants do the loan modification first and ask for fees after the work is done. This law is in force to protect consumers because they are vulnerable and many (3 comments)
Prosecutors and pursuing home owners for participation in the fraud of stated income loans so you need protection when modifying a loan or doing a short sale.