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California Attorney General Edmund G. Brown has announced that he is joining forces with the Department of Real Estate and the State Bar in a new round of loan modification busts this Wednesday.
I can see the remaining loan mod brokers and sham law firms running into the darkness as I write this blog post. Unfortunately for 200 plus firms in Southern California, it may be too late.
At 10:00 a.m on Wednesday, Brown will announce a new round of legal action against more than 200 Los Angeles and Orange County loanconsultants who have not registered with his office and nearly two dozen companies that have made unsubstantiated promises to homeowners.
If you are a loan modification company and you are nervous, then maybe you are doing things wrong and should have heeded the warnings and laws a long time ago. Bottom line, if you are not a lawyer, you have no reason to be in the business of helping homeowners for a fee. If you happen to be operating in the shadows and rolling the dice, you may suffer the legal consequences. Attorneys that do not what the hell they are doing and are in this only for the money will also suffer their fates.
