Governor Schwarzenegger recently signed a bill into law known as SB94. This bill, authored by California State Senator Ron Calderon, the Chair of the Senate Banking Committee, is designed to help homeowners protect their best interests. The bill forbids California loan modification attorneys from accepting "advanced upfront fees." This bill, which is intended to help protect homeowners from loan modification scam artists, could have the unintended consequence of prohibiting legitimate attorneys from helping people on the brink of foreclosure.
SB94 Details
SB94 will have the following affect on California loan modification attorneys, law firms and companies (including real estate companies and real estate brokers):
• California loan modification law firms, and all other entities, would no longer be allowed to accept upfront fees for their services.
• All California loan modification attorney teams must inform the consumer that they can do the loan modification on their own or with the assistance of a government approved nonprofit.
• The relationships between real estate brokers and attorneys will be severely diminished.
The Loan Modification Help Center
has done a great deal already to protect consumers and homeowners alike, and this law will simply alter how the Loan Modification Help Center accepts fees. For many shady or underhanded loan modification operations, this will surely shut them down, or risk jail time and fines for the violators.
Challenge for Homeowners?
California homeowners have had a difficult few years; between the difficult financial crisis, the loss of equity in many homes and the overall state of unemployment, people are struggling to keep their homes. In the past, many homeowners who were in trouble could turn to a California loan modification attorney because there were only a few out there and very few scams. Using a qualified California loan modification attorney can help any homeowner keep their home, avoid foreclosure and get their monthly mortgage payments far lower. However, when the economy turned sour, homeowners were turning everywhere for help and many were taken advantage of. These scams led the general public to distrust every California loan modification attorney, regardless of their background.
For homeowners, the challenge will be to find a qualified, experienced and legitimate California loan modification attorney who can turn their situation around. Finding a competent, effective California loan modification attorney became difficult because people were almost assuming that anyone who could help with a loan modification was a thief. Fortunately for homeowners in California homeowners, there are law firms which can help them get a loan modification. At the The Loan Modification Help Center, our California loan modification attorney team has a long track record of protecting people's homes. In addition to the numerous testimonials on their website, there is a long line of people who are grateful for the Loan Modification Help Center's assistance.
If you are a homeowner who is facing a difficult financial challenge, you should contact a qualified California loan modification attorney today. Keeping your home should be your top priority, and so should be finding highly skilled people to help you in this endeavor.
Visit us at The Loan Modification Help Center
or call 800-486-9836.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Loan Modification Help Center – SB94 Details
Wednesday, October 21, 2009
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