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Selling profitable Loan Modification company that collects fees up front

Looking to sell California based Loan Modification company. Paid up front while helping others. Easy business to conduct, clients call you and all you simply do is take their information and their credit card information

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Answers (4)
Robert Cutler
Attorney
New York County, NY

Seems fishy. But even if it is legal the business model has problems. The guidance and forms they provide can be obtained by any person with little effort provided he or she has a telephone or a computer with internet access.

Feb 1, 2010
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IL

please reply w/more info
stone.craig@comcast.net
only if your legally conducting business

Jan 30, 2010
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Collecting up front fees for loan modification in California is illegal, but we are not actually doing the loan modification, just giving guidance to the clients. There is no loan modificaiton activity that falls within DRE guidelines, rather we supply the forms and guidance almost like an e-book

Jan 21, 2010
George Massalas
BIZ Builder.Com
President & CEO
Ventura County, CA
Premium Broker

Well - first and foremost, collecting "up front" fees for Loan Modifications in California is ILLEGAL! You might want to review this link for details:

http://www.dre.ca.gov/pdf_docs/SB94WebAnnouncement(brokers).pdf

Beyond this - I would CAUTION ANYONE not to even think of buying your business!

Jan 21, 2010

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