Las Vegas, NV (PRWEB) November 17, 2009
November has been a dramatic month for numerous businesses involved in loan modifications in Nevada. According to attorney Marco Sanchez, who performs with BOSS Loan Modifications, LLC (NV License #3342), the Nevada Legislature passed down permanent regulations for loan modification companies statewide, requiring them to comply with mandatory regulations by November 2009. The State issued a list of companies who complied with the requirements and these who did not. As an lawyer who practices in loan modifications, Sanchez stated he was “thrilled” that Nevada enacted laws to safeguard property owners from the predators who were taking truthful homeowners’ income by making promises of lowered payments or acquiring the homeowners out of foreclosure and then failing to supply the solutions promised. Sanchez went on to clarify “Several scam firms would take the homeowners’ funds and do definitely practically nothing, leaving the property owners devastated.”

The new laws had been enacted against the backdrop of information that consists of estimates from the Congressional Oversight Panel that over 5 million properties entered foreclosure because July 2007 with Nevada being one particular of the hardest hit states. Final week, the US Division of the Treasury also released data indicating that over 650,000 loan modifications had been “beneath way” across the nation. What we do not know is how a lot of modifications are permanent as “trial” modifications (exactly where mortgages are modified from brief periods of time – usually 3 months) have outnumbered permanent modifications in excess of one hundred to 1 in some reports. It would look that Nevada recognized that the loan modification method is not simple and that firms that help home owners require to be meet stringent requirements prior to assisting homeowners.

For instance, Nevada law demands loan modification firms to carry a $ 75,000 surety bond and for their principals to undergo FBI criminal background checks, credit checks, and to fulfill 25 hours of specialized education. The intent of these arduous requirements was to weed out the scammers and con-artist even so, the new laws had one more unintended effect: it brought on some good smaller sized loan modification firms to cease operations. Sanchez explained that the bonds required cost anyplace from a “couple of thousand dollars to over seven thousand dollars”, plus “the company may possibly still have to come up with capital, say $ 25,000, to safe the bond.” In other words, for some loan modification organizations, the bill would be over $ 30,000 just to stay in enterprise. A lot of truthful, hardworking, loan modification firms could not comply with the bonding requirement and have been forced to shut down their companies, refund any income collected on the loan modifications they had been processing and then transfer their files to a compliant loan modification firm. Sanchez notes “The sad truth is that the poor loan modification businesses will possibly continue to run their scams – why would one far more law to break scare them?”

The good news is that the new laws have given homeowners an easy resource to use to select a loan modification company. This must at least give home owners a much better chance of achievement in the modification approach. Sanchez adds “All property owners searching at hiring a loan modification business need to require the loan modification business to back up their promises with a guaranty or, far better however, to ask the loan modification company to deal with the modification for no income down.” This is probably the best defense a customer can have – spend only right after the loan modification has been obtained. The data recommend that the loan modification procedure is an uphill battle. Why risk throwing away additional cash?

Sanchez went on to clarify that BOSS Loan Modifications, LLC is now offering the residents of Nevada no risk “No Income Down Loan Modifications.” If you don’t get modified you do not pay. For A lot more Info on BOSS Loan Modifications and to obtain access to free of charge info on the loan modification procedure, go to http://www.bossloanmodifications.com

Marco Sanchez is an attorney licensed in each Texas and Nevada. He performs mostly is the area of loan modifications for residential, rental and industrial properties. BOSS Loan Modifications, LLC is the only business at present providing no funds down loan modifications in the greater Las Vegas region.