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Wisconsin Loan Modification News

By
Services for Real Estate Pros with Central Wisconsin Notary

I am so proud!!  Thank you to Zana Darrow, our Wisconsin Mobile Loan Closers Network Founder, for talking to the right people and getting the word out on illegal and unethical practices in Loan Modifications for the State of Wisconsin.

As you may or may not know, some Modification Companies call apon us Mobile Notaries to take on the task of meeting with potential clients that they are offering to do a Loan Modification for.  At this meeting we were asked to have the potential clients sign paperwork (the application) that was to be sent back to them and in addition, we were asked to pick up checks to send back to them.  For one particular company, we were instructed to not leave a copy of the documents with the potential client.

As our Network started communicating about these appointments, we started to conclude something just wasnt right with them.  Zana started doing some research and come to find out, a particular company was working illegally in the State of Wisconsin.  The State of Wisconsin is now looking at these situations and putting some safeguards into place to protect the Wisconsin Consumer on Loan Modification Scams.

Zana has dedicated a whole page to this on her website.  Read here for more information:

http://winotary.com/wiloanmodifications.aspx

She was also interviewed via telephone for a local TV station:

http://www.wqow.com/global/video/flash/popupplayer.asp?ClipID1=4220140&h1=Bank%20Loans&vt1=v&at1=News&d1=83433&LaunchPageAdTag=News&activePane=info&rnd=70308106

Here is our Wisconsin Deptartment of Justice stepping in to abolish these illegal actions:

http://www.doj.state.wi.us/absolutenm/anmviewer.asp?a=1519&z=3

 

Bob Davis
Brush Real Estate - Escondido, CA

Great information...we are seeing a real change in California right now...new laws to protect consumers...it's about time...keep up the great work...it's nice to see ethical folks in the business

Oct 20, 2009 05:31 AM
Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

Agreed. California has recently forbid attorneys/LM companies from accepting up front payment of any kind. Hopefully more states will adopt this posture to help protect those looking for help!

Nov 18, 2009 11:30 AM
Scott White
Land Home Financial Services, Inc. - La Crosse, WI
Sales Manager at Land Home Financial, NMLS 82835

It is really a shame that a program that had such a good intent was twisted like it was. I'm glad to see that its coming to an end. Great information Lisa.

Nov 23, 2009 01:54 AM
Lisa Kimmel
Central Wisconsin Notary - Stevens Point, WI
Mobile Loan Closer - Notary

Yes, indeed it is a step in the right direction.  I am hopeful that more Wisconsin homeowners will see this information before falling into a very deep hole.

 

Nov 23, 2009 02:49 AM
Michael Collins
*ROCK REALTY|Broker|Realtor|Real Estate|WI Short Sale Agent* - Janesville, WI
CDPE, SFR , Wisconsin Short Sale Specialist Realto

Have you found any reputable Wisconsin based loan mod companies Lisa?  Send me an email if you have, thanks!

May 21, 2010 04:53 AM