I recently read the post by Lenn Harley ATTENTION REAL ESTATE LICENSEES: HOW TO LOSE YOUR LICENSE! I had not paid much attention to loan modification programs but was surprised that real estate agents were getting involved. I then read another post that was inspired by Lenn's post Yes. Loan Modifications are a fatal blow for many RE agents and Brokers: Inspired by Lenn Harley's post. I found John's post very interesting as someone who has totally checked this industry out (and is still confused).
These two post have made me more aware of loan modification programs so this morning when driving to an appointment I listened when an advertisement for a loan modification company came on the radio. They were advertising how they were the best blah, blah, blah but then they said they were the only company that was recommended by the Department of Real Estate. THE DEPARTMENT OF REAL ESTATE, what the heck is that?
As soon as I made it back to a computer I did a Google search for "The department of real estate". (You never know maybe something was formed that I did not know about.) My Google search pulled up NADA for that term. I did find out that several states have a department of real estate but Texas is not one of them. We have the Texas Real Estate Commission. Out of curiosity I did check TREC's website to see if they were recommending companies that did loan modifications. I did not find anything.
I guess I should not be surprised that companies like this would spring up during times like this. People in desperate times will grab at straws but I'm concerned at what I am seeing. Personally I would be careful about using loan modification companies. I'm still shaking my head about "The Department of Real Estate". To me that almost seems like false advertising. What do you think?