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Purpose of the bill To prohibit the charging of advance fees by persons offering to help a borrower negotiate a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing that borrower's residential mortgage loan, educate borrowers who are being solicited to pay for loan modification services about no-cost options available to them, prohibit lenders and servicers from charging borrowers in connection with loan modifications and other forms of mortgage loan forbearance and forgiveness, and strengthen the California Finance Lenders Law by prohibiting false, deceptive, and misleading statements, representations, or omissions.That pretty much says they are strictly targeting loan mod companies taking fees up front.

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I participate in some of the meetings giving them our top down view of the market and share the methodologies of how we perform market metrics.

Jeff, You say your loan was funded through the Ohio Finance Agency's Single Family Mortgage Revenue Bond Program for first time homebuyers.To participate in the program, you may have gotten an FHA loan that requires a 3.5% downpayment, then the program gave you a housing assistance grant for the downpayment or gave you a second mortgage loan for the downpayment.

What you want to take note of is not the financial institutions but the peoples names.

You could offer to buy the home with seller financing; ask the seller to subordinate his/her position behind any institutional financing; obtain a hard money loan only for the rehab; and resell retail.

It's less headaches for a bank,national, state or other institution to sell a note at a discount as they have done that for years, it's everyday business.

And that is not shown only by their increased number but also by the average period that is nowadays required to close the process and also by the increased level of authority for servicers to participate in short sales.

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