The state of Nevada shut down more than 20 loan modification companies this week after they failed to obtain a surety bond mandated by a recently enacted state law.
Loan modifiers originally had until October 1 to meet the more stringent requirements, which included a $75,000 surety bond, educational criteria and background and credit checks. The law is aimed at curbing fraud and protecting consumers. After an industry uproar, the state pushed back the compliance deadline to November 2.
Almost 50 companies registered with the state, but several dozen failed to hit the new deadline. Those who missed have 10 days to close down, according to the Nevada Division of Mortgage Lending.
To help protect consumers, the state of Nevada released a list of companies who are no longer legally able to operate. Those companies are:
- 1st Assist LLC
- Alexander Cherie Ltd
- Americas Home Solution
- Boss Loan Modification LLC
- Focus 2000 Financial Corp.
- Home Solutions Center
- House Payment Rescue
- Integrity First Modification Corp
- Jaleeter LLC
- Las Vegas Loan Modifications LLC
- MFG Loan Modification Services LLC
- National Foreclosure Advocate
- National Foreclosure Prevention LLC
- Nevada Foreclosure Aid
- Nevada Property Modification
- Note Modification Specialists
- Red Zebra USA LLC
- Residential Loan Modification LLC
- The Mortgage and Debt Relief Center
- Time2React.com LLC
- Uno Processing