Scam Loan Modifications Companies Closed Down -- Only BOSS Offering 0 Down, No Risk Modifications

Against the backdrop of recent government data illustrating the difficulty for homeowners to obtain loan modifications, Nevada passed laws to stop loan modification scams and put unlicensed loan modification companies out of business. BOSS Loan Modifications, LLC, a Nevada Loan Modification Company took an even more aggressive step and is the first to company in Las Vegas to offer no risk "No Money Down" loan modifications.

Las Vegas, NV (PRWEB) November 17, 2009 -- November has been a dramatic month for many businesses involved in loan modifications in Nevada. According to attorney Marco Sanchez, who works with BOSS Loan Modifications, LLC (NV License #3342), the Nevada Legislature passed down permanent regulations for loan modification businesses statewide, requiring them to comply with mandatory regulations by November 2009. The State issued a list of companies who complied with the requirements and those who did not. As an attorney who practices in loan modifications, Sanchez said he was "thrilled" that Nevada enacted laws to protect homeowners from the predators who were taking honest homeowners' money by making promises of reduced payments or getting the homeowners out of foreclosure and then failing to provide the services promised. Sanchez went on to explain "Many scam companies would take the homeowners' money and do absolutely nothing, leaving the homeowners devastated."

Attorney Marco Sanchez

The new laws were enacted against the backdrop of data that includes estimates from the Congressional Oversight Panel that over 5 million homes entered foreclosure since July 2007 with Nevada being one of the hardest hit states. Last week, the US Department of the Treasury also released data indicating that over 650,000 loan modifications were "under way" across the country. What we do not know is how many modifications are permanent as "trial" modifications (where mortgages are modified from short periods of time - generally 3 months) have outnumbered permanent modifications in excess of 100 to 1 in some reports. It would seem that Nevada recognized that the loan modification process is not simple and that companies that assist homeowners need to be meet stringent requirements before helping homeowners.

The sad truth is that the bad loan modification companies will probably continue to run their scams – why would one more law to break scare them?

For example, Nevada law requires loan modification businesses 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; however, the new laws had another unintended effect: it caused some good smaller loan modification companies to cease operations. Sanchez explained that the bonds required cost anywhere from a "few thousand dollars to over seven thousand dollars", plus "the business may still have to come up with capital, say $25,000, to secure the bond." In other words, for some loan modification companies, the bill would be over $30,000 just to stay in business. Many honest, hardworking, loan modification businesses could not comply with the bonding requirement and have been forced to shut down their businesses, refund any money collected on the loan modifications they were processing and then transfer their files to a compliant loan modification company. Sanchez notes "The sad truth is that the bad loan modification companies will probably continue to run their scams - why would one 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 should at least give homeowners a better chance of success in the modification process. Sanchez adds "All homeowners looking at hiring a loan modification company should require the loan modification company to back up their promises with a guaranty or, better yet, to ask the loan modification company to handle the modification for no money down." This is perhaps the best defense a consumer can have - pay only after the loan modification has been obtained. The data suggest that the loan modification process is an uphill battle. Why risk throwing away additional money?

Sanchez went on to explain that BOSS Loan Modifications, LLC is now offering the residents of Nevada no risk "No Money Down Loan Modifications." If you don't get modified you don't pay. For More Information on BOSS Loan Modifications and to gain access to free information on the loan modification process, visit http://www.bossloanmodifications.com

Marco Sanchez is an attorney licensed in both Texas and Nevada. He works primarily is the area of loan modifications for residential, rental and commercial properties. BOSS Loan Modifications, LLC is the only company currently offering no money down loan modifications in the greater Las Vegas area.    

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