The Govenator Signs Senate Bill 94

Advance Fees for Loan Modifications Prohibited

Two weeks after writing Loan Modification is Big Business Govenor Arnold Schwarzenegger signed Senate Bill 94 into law.

It is now illegal for loan modification servicers to charge fees in advance.  The legislation took effect immediately.  California law now prohibits any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification.

Fees collected prior to October 11, 2009 are not affected. Advance fees collected after October 11, 2009 must be fully refunded.

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Vicki Moore, Realtor
Alain Pinel Realtors, specializing in San Mateo, CA Real Estate.
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