DRE issues consumer advice

by The Real Estate Faction on January 5, 2012

The California Dept. of Real Estate recently issued the following practical advice to prevent consumers from falling victim to a scam:
• Never pay an upfront fee for loan modification services. Such fees are illegal.
• Watch out for promises of guaranteed success. No one can promise that a loan modification will be successful.
• Ask questions, get referrals from people you know and trust, and always remember the following: If it seems too good to be true, it probably is not true.
• Contact a HUD-approved counseling agency that can provide loan modification services for free.
• If you have been a victim of a loan modification scam, report it to the DRE, the FTC and the Attorney General.

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