Posts tagged as:

loan modification companies

30 Nevada Loan Modification Companies Face Closure

by Moe Bedard

Nearly 30 loan modifications companies will be shut down Tuesday for not following a new law.
The Nevada Division of Mortgage Lending is closing the companies because they failed to meet their obligations to get a minimum $75,000 surety bond. The bond is a provision meant to protect consumers who may have been hurt by the [...]

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Nevada Loan Modification Companies Get 1 Month for Compliance

by Moe Bedard

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 [...]

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Brown Orders Mortgage Foreclosure Consultants to Post $100,000 Bond or Face Prosecution

by Moe Bedard

California Attorney General Press Realease | Los Angeles – Threatening possible criminal and civil prosecution, Attorney General Edmund G. Brown Jr. today ordered 386 mortgage foreclosure consultants to post $100,000 bonds and register with his office.
He also ordered more than two dozen companies to justify suspicious loan modification claims made in “slick advertising,” online and [...]

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FORECLOSURE CONSULTANT ACT GETS TOUGHER!

by Moe Bedard

By Nathan Fransen, Esq.
The Foreclosure Consultant Act (California Civil Code Section 2945 et. al.) is being amended effective July 1, 2009 and the changes will affect many people now in the loan modification industry.  First, lets define what a “foreclosure consultant” is:
California Civil Code Section 2945.1  
(a) “Foreclosure consultant” means any person who makes any solicitation, [...]

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Loan Modification Firms Stimulating the Economy?

by Moe Bedard

By Moe Bedard
A recent article in the Orange County Business Journal argues that Loan Modification firms are helping stimulate the local commercial real estate market as they’re snapping up office space left and right in Orange County, CA. Well, of course they are…the loan modification industry is growing, will continue to grow and will be [...]

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Loan Modification Crackdowns and Their Effect on the Public

by Moe Bedard

By Moe Bedard
Following suit with Treasury Secretary Geithner’s warnings, more foreclosure consultants are being sued by Attorneys General throughout the United States. Today, Indiana Attorney General Zoeller indicated he was suing five foreclosure consultants in his state. Personally, I think it’s a good thing that fraudulent foreclosure consultants are being prosecuted. However, I am increasingly [...]

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