Loan Modification Compliance Assistance Through VanDerSchuit Law Group

San Diego, CA, December 12, 2008 --(PR.com)-- Over the past number of months the VanDerSchuit Law Group, located in San Diego, CA and Los Angeles CA, has been assisting mortgage and real estate brokers to become approved by the Department of Real Estate to handle advance fee services in the Loan Modification arena.

The illegal practice of accepting advance fees to perform loan modifications for borrowers who are near foreclosure has been a steadily increasing practice since the sudden downward turn in the real estate market. The Advance Fee Agreement, which is issued by the Department of Real Estate, is highly sought after, and most licensed brokers are unaware they are committing a public offense, which is punishable by a fine of up to $10,000 and six months in the county jail. In the case of a corporation the violation is punishable by up to $50,000. Compliance is necessary as it protects lenders and borrowers from fraud.

“Most brokers are on the up and up. It’s the ones who aren’t who are giving Loan Modification specialists a bad name,” says Kent VanDerSchuit, Attorney and Counselor at Law at the VanDerSchuit Law Group. “Some brokers have told me they’re offering a 100% money-back guarantee. That might be fine and good, but it is still considered collecting an advance fee without approval, which is very much against that law.”

To date there are only twenty-one companies approved in the state of California.

The VanDerSchuit Law Group has offices located in San Diego and Los Angeles. They can be reached at 1 (866)938-6649, or visit www.loanmodificationcompliance.com.

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