Del Mar, CA (PRWEB) October 22, 2009
On Monday, October 12, it was announced that California Governor Arnold Schwarzenegger had signed SB 94 into law, efficiently ending the practice of loss mitigation organizations charging advance charges.

American Mitigation Law Group, a law firm serving the California loan modification marketplace, is a proponent of SB 94 and had been employing the “No Advance Fee” model properly ahead of the law was enacted. The organization is hopeful that situations of fraud in the sector will be considerably lowered as firms are held more accountable for how they charge for their services.

Even so, it really is crucial to note that the passage of the law is only one particular step to curbing fraud in the business. Homeowner education is each and every bit as crucial since fraudulent companies can manipulate these that haven’t been correctly educated on the problem.

For example, the California Division of Actual Estate has long maintained a list of individuals and businesses that had been issued “No Objection” letters to their advance fee-primarily based contract.

Even although the DRE especially states on its web site that these agreements are no longer valid below SB 94, some companies might still attempt to use it on unsuspecting property owners.

AMLG would like to make sure this does not occur and that anyone engaging in discussions about a loan modification is conscious of their rights under SB 94.

As such, the firm has established an SB 94 Regularly Asked Inquiries resource on its residence loan modification website. Basically click on “Resources” across the best menu and select “California SB 94.”

The questions and answers contained inside the FAQ must aid these in need to have of a loan modification far better recognize SB 94 and prepare themselves for any discussion with a loss mitigation firm.

Property owners ought to be advised that a lot of firms are struggling to grow to be compliant with the new regulations below SB 94 however, AMLG, is undertaking organization as usual following months of experience carrying out loan modifications in a manner now essential by law.

Rather than struggling to become compliant, the company can focus all its efforts on its client’s requirements and it will be capable to continue delivering resources and help that make a distinction to those in need of help.

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