Loan Modification Info Request
Blogroll
Loan Modification Outlet Pages
- Foreclosure Preventions
- Loan Modification Options
- Mortgage Loan Modification
- Predatory Lending Lawyers
Mortgage Companies
Resources for Foreclosures
Categories
- BofA
- California Foreclosure News
- Chase
- Featured Article
- Federal Loan Modification
- Forbearance
- Foreclosure News
- Freddie Mac
- HAMP
- Home Affordable Modification Program
- Home Affordable Refinance
- Lender Contact for Loan Modifications
- Lien Stripping
- Loan Default News
- Loan Modification Lead News
- Loan Modification Licensing
- Loan Modification News
- Loan Modification Tips
- Loan Modification Video
- loss mitigation
- mortgage modification
- Mortgage Reform
- mortgage relief
- Nevada Loan Modifications
- Principal Reduction
- Second Mortgage Modification
- Uncategorized
- Under-Water Mortgage
- Wells Fargo
Loan Modification Pages
- About Loan Modification Outlet
- Disclaimer
- Lender Loan Modifications & Loan Workouts
- Loan Modification Assistance
- Loan Modification Videos
- Privacy Policy
Meta
Recent Posts
- Not All Loan Modification Programs Successful
- Home Refinancing Programs fоr People with Νо Equity
- Obama Loan Modification Program at Risk
- Second Mortgage Elimination
- 49 States Join Foreclosure Group for Multistates
Recent Comments
- Tony Orlando on 1st and 2nd Loan Modification Highs and Lows
- Tony Orlando on 1st and 2nd Loan Modification Highs and Lows
- Loan Relief Available for Gulf Coast Homeowners | Mortgage Lenders Nationwide on Gulf Coast Borrowers Offered Mortgage Relief From BofA, Freddie Mac, Wells Fargo
- Are California Loan Modification Plans Working for Lenders? | Loan Modification & Mortgage Relief on Home Affordable Modification Program Providing Loan Workouts
- bad credit debt consolidation on Loan Modification Process with IndyMac Federal Bank
Archives
- December 2011
- March 2011
- February 2011
- October 2010
- August 2010
- July 2010
- June 2010
- May 2010
- March 2010
- February 2010
- January 2010
- December 2009
- October 2009
- September 2009
- July 2009
- June 2009
- May 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
Schwarzenegger Vetoes Loan Modification Bill
13th October 2009
Many distressed homeowners have suffered from loan modification fraud. In an effort to further protect California homeowners from predatory lending and loan modification fraud, CA Bill 764 by led by Pedro Nava of Santa Barbara introduced a new law only allowing individuals or loan modification companies to collect fees only after a mortgage loan modification is successfully obtained. Many lawmakers had warned distressed homeowners against paying advanced fees. Those loan modification fees can be in the thousands of dollars, and often times these companies or individuals will do little or no work after getting their fees. In his veto message of AB 764, Governor Schwarzenegger wrote, “I do not agree with the provision of this bill that will only allow fees to be collected if a mortgage loan modification is successful. This could adversely affect legitimate businesses that provide loan modification services.”
Jeff Morris of the Loan Modification Relief firm in California expressed approval in the Governor’s action. “Even though there is unfortunate fraud happening, it does not mean that you need to attack all loan modification companies. Morris continued, “If loan modification companies were not allowed to charge fees up-front, there would be no more loan modifications, because the process can take 6 months for successful mortgage relief. Who in their right mind would work for free for 6 months?”
No Comments »
No comments yet.
RSS feed for comments on this post. TrackBack URL