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DOC & DRE Mortgage Modification and Foreclosure Scams Alert
Dear Colleagues!
Here is an excellent article from our friends at Public Counsel! It will be very helpful to our bankruptcy practitioners who are counseling debtors when a loan modification is pending.
Keith Higginbotham
cdcbaacheck@aol.com
Hi everyone,
The California Department of Corporations (DOC) and the California Department of Real Estate (DRE) are providing assistance to financially stressed homeowners who are often targeted by predatory mortgage scam artists. The DOC and DRE license and regulate a variety of entities involved with the mortgage process. Helpful referrals below:
1) Before hiring anyone to help modify a loan, anyone may contact the DRE at (877) DRE-4LIC. Their website is www.dre.ca.gov.
2) To file a complaint against a mortgage loan modification consultant, you may contact the Attorney Generals Office, Public Inquiry Unit at (800) 952-5225. Their website is www.oag.ca.gov.
3) To verify the license of someone servicing or negotiating terms of your mortgage loan, you may contact the DOC at (866) ASK-CORP. Their website is www.corp.ca.gov
Also, the Foreclosure Reduction Act will be effective starting Jan. 1, 2013. The Act accomplishes four main goals:
1) Prohibits dual tracking that occurs when a mortgage loan services initiates the foreclosure process on a homeowner who is still negotiating a loan modification;
2) Provides a homeowner with a single point of contact to assist them throughout the loan modification process;
3) Requires mortgage services to review competent and reliable evidence to substantiate their right to foreclose; and
4) Creates a remedy for borrowers to seek legal action against their loan services for material violations of the law.
I have also attached a flyer with additional information
Maggie
Magdalena Reyes Bordeaux
Senior Staff Attorney
Public Counsel
Consumer Law Project &
Debtor Assistance Project
Dear Colleagues!
Here is an excellent article from our friends at Public Counsel! It will be very helpful to our bankruptcy practitioners who are counseling debtors when a loan modification is pending.
Keith Higginbotham
cdcbaacheck@aol.com
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