The LA Times posted a great article highlighting how many homeowners facing foreclosure are being taken advantage of. The California Association of Realtors has been warning consumers for some time now against those companies that charge upfront fees to modify a loan. That is a DRE (Dept. of Real Estate) violation. Many companies get around it by connecting with a law firm and they call it something similar to a "retainer" fee, just like if you were going to hire a lawyer to handle any other legal matter. The fact of the matter is, this brings the dark cloud back to the Real Estate industry. It seems that there is never a shortage of the "fast-buck" scam artists when there are desperate people just looking for help. I am happy to read in this article that the autorities are cracking down on these scams, but the distressed homeowners are now left with very little options.
http://www.latimes.com/business/la-fi-foreclosure-scams16-2009jul16,0,1422452.story
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