The Mediation Group – www.mediation-group.com

It has come to our attention that The Mediation Group address below  request upfront fee for loan modifications. This practice is illegal according to California Law.

18375 Ventura Blvd. Suite 627
Tarzana, CA 91356

We were contacted by The Mediation Group for a loan modification. They are asking for $2,000 fee. I read on the BBB website that it is illegal to charge a fee for this. Does anyone know if this is a legitimate company?

Thanks

Souce: BBB Trustlink

California Law Senate Bill 94

On October 11, 2009, Senate Bill 94 was signed into law in California, and it became effective that day. It prohibited any person, including real estate licensees and attorneys, from charging, claiming, demanding, collecting or receiving an upfront fee from a homeowner borrower in connection with a promise to modify the borrower’s residential loan or some other form of mortgage loan forbearance. Senate Bill 94’s prohibitions seem to have significantly impacted the rampant fraud that was occurring and escalating with respect to the payment of upfront fees for loan modification work.

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2 thoughts on “The Mediation Group – www.mediation-group.com

  1. cody mabry says:

    its just to easy for the loan company to take a down payment from homeowners and then use stall tactics. at which point no work ever gets done, this is a no brainer the loan company should first come up with all possible aptions best suited for every indivedual situation, homeowner picks best option.

    once some actual work is done by loan company and there is a commitment to which avenue they agree on and there is a trust between the two partys than at that point it would be fare to ask for money.

  2. Scrub says:

    In our Opinion

    This is a tough situation for loan modification companies. They need to get pay for their service but can not charge upfront. In fairness, they should come up with a payment options that benefits both the distressed borrower and the so called loan modification company.

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