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Gov. Schwarzenegger Move Will Deprive Homeowners of Legal Representation When Negotiating a Loan Modifications

By Implode-Explode Heavy Industries

``California Senate Bill 94, originally intended to protect distressed homeowners by preventing non-attorneys from charging upfront fees for helping homeowners obtain loan modifications, has been expanded to prevent attorneys from accepting a retainer in advance when representing a client seeking a loan modification. According to an informed source inside the California Assembly?s Committee on Banking and Finance, the expansion of the bill to include attorneys was demanded by Governor Schwarzenegger?s administration.''

Full post as published by Mortgage Lender Implode-o-Meter on July 05, 2009 (boomark / email).