Loan Modification Scams In California

In 2009 the number of investigations involving loan modification complaints that was performed by the California Department of Real Estate exceeded the impressive figure of 2000. The record number of real estate licensees either surrendered their licenses or had their licenses revoked. Many individuals that were issued the "Desist and Refrain" orders from the DRE had no license at all. It is important to know that in California any type of pre-payment for loan modification services is legally prohibited. The measure is meant to prevent numerous scams, which started to consistently grow since the Obama plan was announced.