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Pida Kongphouthone Real Estate Broker and Small Business Owner
Broker Legal Protection
False Documentation for Loan Modifications – Are you liable as the broker?
For those brokers still in the loan modification business, this post is long overdue. Loan modifications for primary residences have fairly strict guidelines in documentation to support the government backed loan modification. For the rentals, lender standard are much less restrictive when it comes to documentation. When are you liable for false or inaccurate documentation?…
AB 260 Curbs Predatory Lending
What you need to know about AB 260 signed this week by the governor, effective January 1, 2009: AB 260, Lieu. Lending. (1) The Real Estate Law provides for the licensure and regulation of real estate brokers and salespersons by the Real Estate Commissioner. Existing law authorizes the commissioner to suspend or revoke the license…
Collecting Fees Before SB 94 – Agreements Valid?
As you have all likely heard, if you are are a real estate broker, or a licensed corporation, who has been issued a “no objection” letter by the DRE, you may no longer enter into the agreements effective October 11, 2009; however, according to the DRE, agreements entered into and advance fees collected prior to…
SB 94 Signed
SB 94 signed into law with a press release from the governor’s office posted. Please keep in mind, as soon as the signing is certified, it is put into effect. This should occur very soon this week. Read: What does SB 94 mean to you?
What does SB 94 mean to you?
This will outline the ramifications of SB 94′s prohibition and restriction of advance fees in relation to loan modifications services, specifically by licensed real estate brokers. This post is not exhaustive of every situation and is only general commentary on the bill. A specific legal consultation applicable to your specific situation should be obtained only…
The Loan Modification Industry in California is About to Change
SB 94 , advance fee legislation, is about to be passed and is likely to be signed by the governor. What does this mean to those providing loan modification services? This legislation is definitely a game changer and will likely push a large segment out of the industry, for the better or worse. Of course,…
Real Estate Commission Dispute? Make sure you meet the necessary elements.
If you are a real estate broker or agent, you may have had to pursue in collecting your commission or a dispute has arose of the procuring cause of the sale. Here are the basic elements to be entitled to your commission: (1) the broker or salesperson must be licensed by the Department of Real…
License Number Disclosure Effective Today! (July 1, 2009)
Starting today, July 1, 2009, Business and Professions Code 10140.6 is now in effect. This amendment provides new disclosure requirements for real estate licensees (salespersons, brokers, etc.). The Department of Real Estate (DRE) license identification number must now be on all “solicitation materials intended to be the first point of contact with consumers.” This of…
Forensic Loan Audits – Unauthorized Practice of Law?
Since loan modification companies are slowly going legit or slowly dying off, “new and improved” loan audit companies are sprouting up. Here is the common scenerio. Loan audit company provides a “forensic loan audit” to customer for $1,500.00. We will leave the utility of a forensic loan audit to another post. The company then refers…
Foreclosure Consultants in California must Register
Attorney General Brown of California released a new directive requiring foreclosure consultants to register with his office and post a $100,000 bond. This should weed out the fly-by’s eventually, but attorneys and real estate brokers are still exempt. This may help in private enforcement if this registry is enforced. With the DRE lending its reserve…
