The California Association of Realtors has shared a fraud warning with us, issued by the Department of Real Estate. This fraud warning is to alert consumers about loan modification scams and to inform you of what you can do to protect yourselves. Last July, the DRE had 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October, the DRE has filed more than 200 desist and refrain orders. A list of the companies and persons the DRE has filed an action against can be viewed at http://www.dre.ca.gov/cons_drs.asp.
It is worth noting that not all firms who collect advance fees for loan modification services do so illegally, the DRE said. In general, only licensed real estate brokers and attorneys operating within the scope of their license may collect advance fees. Real estate brokers must have their advance fee agreement reviewed by the DRE prior to its use to ensure it is compliant with real estate law.
View the complete "Consumer Alert" issued by the Department of Real Estate.
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