Las Vegas NowState Releases Names of Legal Loan Modification Companies
Ian Hirsch with Fortress Credit Services which is one of the companies that is following the law.The state has released a list of more than 30 companies they say are legally conducting loan modification businesses.
A new state law forces those companies to carry a $75,000 surety bond which is meant to protect consumers. However, those companies must still pass some educational requirements and undergo FBI background checks.
"The operators who haven't been operating properly are the ones who have been giving the rest of us bad name," said Ian Hirsch with Fortress Credit Services.
Struggling homeowners can see the list of companies that are authorized -- at this time -- to provide loan modifications.
The Nevada Division of Mortgage Lending had warned that they would close any loan modification business that did not carry the bond. Forty-eight companies had signed up with the Department of Business and Industry to become certified but many failed to meet the extended deadline, which was last Friday. The companies who are no longer authorized to conduct loan modifications are being given 10 days to shut down.
The state recommends that homeowners pay attention to the details in the contracts they sign. Consumers are also able to file a complaint using this form.
Here is a list of the companies that have NOT posted their bonds and are no longer eligible to operate:
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