A word of caution; if you or someone you know are currently involved in or contemplating a Loan Modification, please read this and/or pass this information along to them.
Go to www.dre.ca.gov once at DRE’s site you will see a tab at the top of the page entitled ‘Home Buying & Mortgages’ click on this tab, scroll down to ‘Home Buying Resources’ click on this link, you then will find very important information on ‘Advance Fees & Loan Modification Services’ and ‘How to Avoid Foreclosure’ if you have trouble finding the page, here is the direct link http://www.dre.ca.gov/mlb_adv_fees.html
Department of Real Estate (DRE) Commissioner, Jeff Davi, just this Friday went over some very scary scenarios and some frightening statistics on fraudulent Loan Modification Services. He believes there are over 1000 of these type companies selling their services within California; as of this date approximately only 50 are approved to do so by DRE. These companies must have an approved ‘Advance Fee Agreement’ on file with DRE in order to conduct business. Another point of note, if you have a Notice of Default (NOD) on your home these companies are not allowed to modify your loan. In 2008 they had 253 new fraudulent Loan Modification cases brought to DRE up from zero in 2007. Approximately 30 of 53 Counties within California have Real Estate Fraud Divisions; please check with your County for any updates regarding Loan Modification services and fraud alerts.
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