Real Estate Pro Articles

Know Who to Trust when Suffering from Foreclosure

[Valid RSS feed]  Category Rss Feed -
By : Leticia Carvalho    99 or more times read
Banks and non-profit organization offer services to property owners with foreclosure troubles, but they are just too busy with the accumulated existing foreclosures.

So, homeowner Salvador Ruiz sought help from a company who asked for $8,950. And now after four months of waiting for his non-moving renegotiation, he is filing a case with the Department of Real Estate of California (DRE).

He is currently with Home Resolution and Credit Services owned by Robert Aldana and Martha Lopez-Chubb. Aldana admits that they exist due to the shortage of non-profits. Services cost $2,500 paid through down payments of 30% per stage of the loan modification.

Brokers need to have DRE consent to collect advance payments, but is unnecessary if the transaction is post-paid. Check the DRE website if a company’s contract is approved.

EPA Can Do, a non-profit, warns those troubled by foreclosure on paying for modification services. Many have paid and not received any benefit.

In Los Angeles, First Gov (or Foreclosure Prevention Services) is facing the state Attorney General after assuring loan renegotiations will only cost only $1,500 to $5,000 but ended with them asking much more. Attorney General Jerry Brown announced that loan modification swindlers are now very common, especially in California.

Lawyers can also renegotiate loan and ask for direct fees even short of DRE consent.

Herbert Orellana a house-cleaning service ran to a law firm for assistance when a bank declined his mortgage modification. But the firm demanded $10,000 with a $4,000 deposit. But with Aladana and a $1,000 post-paid transaction, Orellana had his interest to 1 percent and put-off half the primary for 5 years.

Another problem is that the process is not as easy and quick.

Back on Track, a financial need firm and had helped many with foreclosure trouble but there is already a buildup and nothing can be done fast. Jaime Alvarez, an East Side broker has helped 6 people in 4 months but cannot handle more because he admits that the success rate is low.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles