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?
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.