California SB1137 Great News for Homeowners
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Uploader Comments (xpertadvice4u)
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You do not need to pay anyone for a loan modification. You just have to be proactive in getting the necessary documentation done and call your lender SEVERAL time each week. I suggest calling them Monday Wednesday and Friday until you get a answer!!
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California's Mortgage Foreclosure Consultant Act at Civil Code 2945.4(a): "It shall be a violation for a foreclosure consultant to:
(a) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that he or she would perform."
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why do loan modification places cost $1400 to $2500 to process?
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Charging for a loan mod is fine. Any monies collected before hand must be kept in a Broker's Trust and cannot be released to the consultant until the service has been rendered to the agreement entered in to by the property owner and the consultant. the fees are for the consultants time. there is nothing wrong for charging for a service. Attorney's, carpenters, plumber's, etc... all charge for their service as should someone negotiating a way to successfully keep a home.
xpertadvice4u 3 years ago