Did you know mortgage modifiers and foreclosure consultants must be bonded in many states?

Submitted by Carol Tice from WA - 01/27/2010 - 4:50pm

Hello, I write for SuretyBonds.com...and I recently reported on scam companies in these two niches, mortgage modification and foreclosure consulting. It turns out that in many states, companies in these niches need to be bonded. The bond covers the consumer if the company suddenly goes belly-up while holding their money, or for up-front fees you might pay for services.

Consumers facing foreclosure should be sure to look into whether any mortgage-modification company or foreclosure consulting firm they are considering working with is required to have a surety bond in their state, and if so if they have a bond of the required dollar value. Could help prevent being ripped off by one of the many scammy companies that have sprung up in these industries since the recession hit.

Here's a link to the complete story I wrote for SuretyBonds, which has more details.

http://www.suretybonds.com/blog/recession-brings-new-surety-bond-rules-f...

Laws in this area are changing fast as legislatures try to crack down on scam artists -- there are new laws in the past few months in California and Pennsylvania, for instance.

Carol Tice
for SuretyBonds

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