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Tags » ‘Borrowers’

Making Home Affordable

March 30th, 2009 by Phil Levy

How can you find out if you qualify for President Obama’s recently announced Homeowner Affordability and Stability Plan? (see our blog of February 22, 2009).

The federal government recently established a comprehensive website designed to help borrowers determine their eligibility for either the refinance or the mortgage modification elements of the plan.

The website is www.makinghomeaffordable.gov.  It contains a wealth of resources, questionnaires and resources pertaining to refinancing and mortgage modifications.  Anyone who is struggling with mortgage issues should visit this website.

Consumer Alert – Advance Fees and Loan Modification Services

February 22nd, 2009 by Phil Levy

The rules on advance fee arrangements for loan modification services differ on whether or not a Notice of Default has been filed.

DO NOT PAY any provider an advance fee if a Notice of Default has been filed.  Fees are permissible once the service has been completed. Attorney’s are exempt.  

If a Notice of Default has not been filed an advance fee is permissible to be paid to a real estate broker based upon a written  agreement.  This agreement must have been authorized by the California Department of Real Estate.

See the below link from the California Department of Real Estate for additional information on advance fees to individuals or firms seeking to negotiate loan modifications for borrowers. 

Consumer Alert – Advance Fees and Loan Modification Services