Please be advised that new legislation SB 94 has been signed into law by the Governor. Such legislation is aimed at curtailing the loan modification and mortgage scams that have affected our state and country to date.
SB 94 makes it illegal for any Attorney, Law Firm or Company including mortgage companies (brokers and realtors) to accept an up front advance fee for a Loan Modification before providing the contracted for service. We believe this will result in many of the scam operations that were still in existence to cease operating as their main function was to take homeowners funds in advance, and then do little to nothing for the homeowner. Of course, criminals by definition typically don't follow the laws, so there still may be those who try to collect advance fees, so be careful. Unfortunately this has also resulted in many reputable legitimate firms and companies ceasing to offer loan modifications, or screening carefully the cases they do accept.
For more information on the bill or to read its text please see www.aroundthecapitol.com.