Loan Modification Services Prohibited In Vermont Unless Licensed, Say State Officials

In Montpelier, Vermont, The Burlington Free Press reports:

• Homeowners having trouble making mortgage payments or facing foreclosure should be cautious when offers of assistance come unsolicited, requiring up-front fees, or are high-pressure sells, officials for the Vermont Department of Banking, Insurance, Securities and Health Care Administration said.

• (BISHCA) has received inquiries and complaints about so-called foreclosure “rescue” services. While it is not inherently illegal to offer these services, the person doing it must be licensed with BISHCA as a lender, mortgage broker, or debt adjuster, said BISHCA officials.

For the story, see State: Be wary of foreclosure rescue services.