The clock is ticking for unlicensed companies trying to entice home buyers to modify their mortgages. Or demanding an upfront fee to help them out.
Come Jan. 1, anyone who provides loan modification services must have an active license from the Florida Office of Financial Regulation. The rule is part of a law passed by the state Legislature earlier this year that also bans collecting fees up front for loan modification services related to foreclosures.
OFR Commissioner Tom Cardwell said the goal is to make sure loan modification services offer “a true benefit, not an unrealistic promise.” Cardwell’s advice to home buyers if a broker asks for money first: “Simply turn and walk away.”
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