Housing Assist of America » Advance Fees for Loan Modifications http://www.housingassist.com Housing Assist of America Wed, 01 Feb 2012 23:40:42 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Advance Fees For Loan Modifications http://www.housingassist.com/blog/advance-fees-for-loan-modifications.html http://www.housingassist.com/blog/advance-fees-for-loan-modifications.html#comments Tue, 13 Oct 2009 22:50:16 +0000 admin http://www.housingassist.com/advance-fees-for-loan-modifications/ As of October 11, 2009, the governor has signed the Senate Bill 94,  legislation has taken effect immediately. California law has put a restriction on any person, from demanding or collecting an advance fee from a consumer for a loan modifiacation or mortgage loan forbearance.  Advance fees for loan modifications after october 11, 2009 will be fully refunded.

This is going to put a damper on a lot of loan modification companies. Now they won’t be able to charge people up front, which will put a hold on their business.  And if they do continue to do loan modifications, they will have to trust the homeowner to make that payment.  Advance fee agreements being out of the picture, help remove the unethical companies.

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