Its about time, we the Bay Area there was already a lawyer that supposedly collected over $2,000,000 in fees to help from homeowners restructure their loans, It was discovered that all this lawyer did was collect the money desperate clients and failed to deliver on any of the promised services.
Sadly I hear about people in Redwood City and San Carlos dealing wit this difficult issue. However, things are getting a little easier with some banks and if you're facing an economic hardship, do not give up. If you ned help, call me, I may have a few honest contacts that might be able to assist you.
Anyway, The new law stops anyone from being compensated for negotiating or arranging a loan modification until after that person fully performs each and every service as promised. This ban applies to upfront fees collected by real estate agents and attorneys. Also effective immediately, anyone who negotiates or arranges a loan modification must give the borrower a specified notice that paying a third-party for loan modification services is unnecessary. These new requirements apply to mortgage loans secured by residential property up to four units, with certain exceptions for lenders and loan servicers acting on their own behalf.
Real estate brokers with existing Advance Fee Loan Modification Agreements reviewed by the Department of Real Estate (DRE) can no longer, as of October 11, 2009, enter into these agreements or collect advance fees. Agreements entered into and advance fees collected before October 11, 2009 are not affected. For the DRE announcement, go to http://www.dre.ca.gov/pdf_docs/SB94WebAnnouncement(brokers).pdf. Senate Bill 94.
____________________
Mark Martinho
........................................................................................
|
