California SB 94

Who Do Homeowners in California Turn to Now?

In an attempt to weed out fraudulent loan modification companies across the state, SB 94 passed October 11, banning companies in the business of loan modification from accepting up-front fees. This essentially ceased California loan modification companies over night.

Now, homeowners are forced to try to modify their loans without professional representation and for many, this can be an extremely difficult process. As a result of this law, the power has shifted back to the lenders. Where are homeowners to turn for help when professionals aren’t able to assist them?

It’s time for homeowners to educate and empower themselves to level the playing field. The Homeowner Defense Network’s Loan Modification Do-It-Yourself program is here to help. Contact 619.269.3602 or e-mail us today.

WARNING

Be wary of attorneys saying they are compliant by not charging up-front fees. They may not be charging up-front fees, but they may charge fees along the way regardless if your loan modification is successful. As a result, you may end up spending thousands of dollars and not receiving much benefit. In addition, it’s unclear at this time if these actions are in compliance with California SB 94.

There are some interesting clarifications made by the state bar association which can be viewed by clicking here.