If you are doing loan modification and not getting any response from your loan modification company then you better check whether that company is still around or not.
The new law which passed requires the loan modification company to get $75,000 surety bond. This bond is to make sure that these loan modification companies do their job and this also protects the homeowner. If these companies do not keep up their promise to modify the loan, then there’s a provision where home owners can get their money back.
According to lasvegasnow.com, 30 loan modification companies will be shut down on 11/3/09 for not following the new law. Under the new law, if the company operates without license then they can face criminal charges and fines. Elisabeth Daniels with the Department of Business and Industry says companies that failed to comply will be forced to stop operating. She said “They will have 10 days to show they have stopped business, closed up shop and that they have refunded the customer what they owe to them based on contract that they have with customer homeowner”
I’m sure this new law will change the way these loan modification runs their business and many homeowners can be protected from these scammers.
Homeowners who are facing difficulty and cannot pay your current monthly mortgage payment then contact your bank directly for loan modification. You don’t have pay any dime to these loan modification companies since you can do it for free by contacting your bank. Don’t wait too long to do anything to avoid foreclosure.
If you are in bay area and would like to know more about loan modification, short sale or to sell your house then you can call me at 510-366-9405, your bay area short sale specialist and I would be happy to assist you or call me even if you would like to say hi to me.
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