Mortgage Scam Crackdown

As a full time Realtor in the Menifee and Temecula Valley's, I meet many clients that are struggling to make mortgage payments. Currently there are many homeowners that owe more on their properties than the home is actually worth.

Many American's are faced with difficult decisions. In recent time there have many scammers preying on homeowners in financial distress who are willing to spend their last dollars to grab a chance at saving their homes. Due to this raising phenomenon in recent times legislation was recently signed that anyone charging a fee in advance of negotiating a change in their terms is strictly prohibited.

SB 94 is the new law and became effective October 11, 2009. The law is designed to stop mortgage modification consultants who have taken thousands of dollars from borrowers and in turn done nothing except waste precious time to resolve their mortgage problems. The SB 94 law allows loan modification consultants to only take money from troubled borrowers after a loan modification solution has been provided. The law also stipulates that the consultant must inform the borrower that they have the option of consulting with their current lender or obtain free services from non profit organizations (such as Springboard.org) or from their current lender.

To learn more about SB94 please go to my web-site at WWW.SherryKHomes.com or call me at 951-315-3201. I would be happy to answer any questions and provide resources for those homeowners that need assistance and information on their options in regards to loan modifications.