81 inquiries | Loan Modifications Advance Fee
(714) 241-1714
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F
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BCA's Summary and Analysis:
We have received no complaints against this company.
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Company Info
Home Savers of America Inc. provides loan modifications and mortgage loan forbearance services.
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Licensing
We know of no licensing or registration requirement for companies engaged in this company's stated type of business.
Agency: California Bureau of Real Estate Description:
On April 15, 2014, the Bureau of Real Estate (“BRE”) filed a Desist and Refrain Order against Home Savers of America, Inc., Amer Khatib , Sheila Khatib, Elizabeth Galabi, Pilar Munoz, and Marisela Ochoa (collectively “Respondents”). Based on the investigation, the BRE determined that the Respondents have engaged in acts or practices in violation of California Business and Professions Code. The violations included but were not limited to: acting as real estate brokers by performing services for borrowers in connection with loans secured by liens on real property; and demanding, collecting, receiving or contracting for advance fees for performing the services.
According to the Order, the Respondents were not licensed to perform real estate broker services. The Desist and Refrain Order prohibits the Respondents from performing services for borrowers in connection with loans secured by liens on real property unless or until a real estate broker license has been obtained.
Effective October, 2009 in California, it is illegal to collect any fees, regardless of the form, for negotiating or attempting to negotiate a loan modification for a residential mortgage. All modification services must be fully completed before any money can be collected. It is also illegal to divide fees or services into components for the purpose of avoiding this law.HUD approved housing counseling agencies are exempt from this law. For businesses outside of California, please check with the agency that regulates this industry.
We know of no other matter or practice relating to this company that may assist you in your consideration of this company.
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