Attorney General unveils new Loan Modification website for California consumers

Posted by Ben Nicolas on Wednesday, August 12th, 2009 at 8:14pm.

 

California Attorney General Jerry Brown unveiled a new website aimed at ending abusive practices in the loan mod industry 

Overall this is a good thing, I think consumers should make sure that they are dealing with a licensed person/company when attempting a loan modification.  If things don't work out their should be an accountable individual or entity to deal with for the consumer.  Getting a signed advanced fee agreement is a must.  I'm still not completely convinced that homeowners get the best modifications when representing themselves though...

Also debatable is whether certain homeowners will ever face reality.  The homeowner that choose the 1% option arm over the 5.75% 30 year fixed against the advice of more conservative voices because they wanted the instant gratification of a lower payment and then paid $3500 to a fly by night company run by unlicensed ex-sub-prime industry employees has to face their day of reckoning at some point...  Maybe not though, maybe the state will pass yet another foreclosure moratorium.

 

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