Industry NewsMortgage

State bans advance fees for loan mod help

Over 1,000 California brokers had OKs to collect upfront fees
Published on Oct 19, 2009

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

California has joined nearly two dozen other states in prohibiting foreclosure rescue companies from collecting advance fees for helping homeowners negotiate mortgage loan modifications.

Gov. Arnold Schwarzenegger on Oct. 11 signed into law a bill, SB 94, that prohibits any person from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services.

Comments