San Diego, CA (1888PressRelease)
November 18, 2008 - Vista – Golden Valley Lending Group, thanks to the Department of Real Estate in California, has recently announced that it is now permissible for them to assist in legally carrying out Loan Modifications for lenders and borrowers who find they are falling into foreclosure.
With the number of homeowners at risk of falling into foreclosure, the Department of Real Estate has begun issuing licenses to regulate Loan Modifications. The license, otherwise known as an Advance Fee Agreement, allows an already licensed Real Estate Broker to request advance fees to perform a Loan Modification for someone not in foreclosure. Only a licensed attorney who is experienced in this area of law may take a referral for someone who is currently in foreclosure.
“Unfortunately, and it can be the ugly side of this, but there are some unscrupulous characters who will parade as something more than what they are,” says Donna Lynne Kunz, Owner of Golden Valley Lending Group in San Diego, CA. “It’s important to know the facts when choosing a Loan Modification company. Otherwise, they might just run off with your money.”
If a mortgage loan broker asks for an advance fee without being licensed to do so they will be violating the Advanced Fee Rules. They will be guilty of a public offense punishable by a fine not exceeding $10,000, by imprisonment in the county jail for a term of no more than six months, or both the fine and imprisonment. If the violation is by a corporation, it is punishable by a fine not exceeding $50,000 (Cal. Bus. & Prof. Code § 10085.5).
Golden Valley Lending Group’s Loan Modification program is available in all of California. For more information call Golden Valley Lending Group at 1(760) 407-1717.
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