Advance Fees and Loan Modification Services
Important Notice: Advance Fees for Loan Modifications Now Prohibited (Effective immediately)
On October 11, 2009, Governor Schwarznegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Read important notice.
Governor Arnold Schwarzenegger signed Senate Bill 94 (Calderon) which prohibits any person, including real estate licensees and lawyers, from demanding, charging, or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services. IF YOU ARE APPROACHED BY ANY PERSON REQUIRING UP FRONT FEES FOR THESE SERVICES DO NOT PAY THEM.
There are also non-profit agencies that can assist you without charging you a fee. For information on non-profit housing counseling services, use the following links:
For more information on this subject please read the following:
You may also call the Mortgage Loan Activities Unit at (916) 263-8941.