California foreclosure consultants and loan modification companies must post a $100,000 bond and register with the state to legally operate, effective July 1, 2009. This according to a news release by California Attorney General Jerry Brown.

The move is aimed at bringing some transparency and accountability to a cottage industry filled with scam artists and ripoff shops who prey on homeowners desperate to save their homes.

From the release:

“California is awash with con artists who prey on vulnerable families facing foreclosure,” Brown said. “By forcing foreclosure consultants to submit detailed information to my office and post a $100,000 bond, this registry will help bring long-overdue transparency to this shadowy world.”

As I’ve always said, you don’t need help with a loan modification. You can do loan modifications on your own if you learn how. You can sign up for my free report on The 10 Deadliest Loan Modification Mistakes here for more information.

Disclosure: I am compensated for folks that sign up for the DIY loan mod course, more info in the post above.

Source [blownmortgage]

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This entry was posted on Saturday, June 6th, 2009 at 12:55 am and is filed under mortgage industry. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.