Fly by night loan modification companies swoop in, promise the world and then leave with your stolen ID and cash. It’s a problem we’ve been tracking for years.
Legitimate companies are trying to keep up with some tough new rules. Those protections motivate Elisabeth Daniels with the Nevada Business and Industry Department. The bottomed-out market brought out the worst in loan modification consultants. No one was licensed because there was no license.
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This is a great thing! there are so many scummy companies coming out of the woodwork stealing peoples money, there needs to be some type of accountability in place. These scammers are giving the entire industry and legitimate companies a bad name. Homeowners who need help aren’t sure where to turn because every day the hear horror stories from friends/neighbors about being ripped off my these crappy loan mod companies. I hope more states follow in the footsteps of Nevada…