Campbell, California Loan Modification Company Shut Down

The Department of Real Estate is finally taking a tough stance on loan modification companies that have popped up over the last couple years like a bad rash. Please read the Silicon Valley Business Journal article on this new closure. One major regulation that was passed: no up front fees may be collected by a loan mod company from a consumer. This hopefully will eliminate the companies that just pocketed the $3,000+ fees and then did no work. The opposite of this and the unintended affect is: loan mod companies will no longer exist! - and the home owner will only have a few non-profit companies to rely on or battle their banks by themselves. Neither is a good solution. Pendulum - please swing somewhere in the middle!