Looking For A Realtor To Market Your REOs?
Headline »
Looking For A Realtor To Market Your REOs?
Sat, 29/11/08 – 19:07 | No Comment

As a previous Asset Manager, I’ve managed hundreds of assets in my inventory. I have a working knowledge of REO Policies, Procedures and Practices. Benefit from the hands on corporate REO experience and knowledge I have gained by having the unique advantage of being exposed to this dynamic industry from both sides of the perspective . . . As an REO Asset Manager and as an REO Agent. (909) 476-9600

Read the full story »
Agent’s Advice

Find articles covering topics of interest to buyers, sellers, investors and real estate professionals, an authoritative source on, market conditions, the economy, business trends, technology, real estate and financial news.

Foreclosure/REO

REO is an abbreviation for a Real Estate Owned property. REOs and FORECLOSUREs are not the same thing. However, an REO is only produced as a result of a foreclosure where the lender has repossessed the property to re-sell.

Local Interest

Welcome to So California’s Inland Empire; Known as “The IE,” to locals. Find local and regional news, market conditions, and homes for sale; stay informed about issues that affect the San Bernardino / Riverside county economy.

Loss Mitigation

Loss Mitigation is used to describe a third party assisting in the process of negotiation between a homeowner and their lender. Loss Mitigation works to negotiate terms for the homeowner that prevents foreclosure.

Short Sales

A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff less than the balance due on the loan typically executed to prevent foreclosure, but may or may not involve a property in foreclosure.

Home » Economic Focus, Foreclosure/REO, Loss Mitigation

Up Front Fees For Loan Modifications Now Prohibited

Submitted by Mykel on Wednesday, 14 October 2009No Comment
Up Front Fees For Loan Modifications Now Prohibited

Gov. Arnold Schwarzenegger bans all foreclosure consultants, including loan modification firms and attorneys who specialize in loan mods, from asking for any upfront fees. 

On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature.  Thus, 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 or mortgage loan forbearance services affecting 1-4 unit residential dwellings.

IF YOU ARE A REAL ESTATE BROKER, OR THE DESIGNATED OFFICER OF A LICENSED CORPORATION, WHO HAS BEEN ISSUED A “NO OBJECTION” LETTER BY THE DEPARTMENT OF REAL ESTATE FOR LOAN MODIFICATION OR OTHER MORTGAGE LOAN FORBEARANCE SERVICES, YOU CAN NO LONGER ENTER INTO THESE AGREEMENTS EFFECTIVE AS OF OCTOBER 11, 2009, NOR CAN YOU COLLECT ANY ADVANCE FEES FOR SUCH SERVICES.

Agreements already entered into or advance fees collected prior to October 11, 2009 are not affected.  Advance fees inadvertently collected after October 11, 2009 must be fully refunded.

Read more by clicking the link below
http://www.dsnews.com/articles/schwarzenegger-institutes-nine-new-mortgage-laws-2009-10-13

Tags
SubscribeDiggdel.icio.usFacebookFurlNewsVineRedditStumbleUponTechnorati

Popularity: 2% [?]

Leave a comment!

You must be logged in to post a comment.