Based in Southern California, San Gabriel Valley Mortgage Loan Modification program is moving quickly to assist lenders and borrowers alike who are near foreclosure, by helping them restructure their current mortgage repayment agreements.

The Department of Real Estate Commissioner, in order to stop further economic descent and protect the consumer in California, instituted an approval program allowing licensed real estate brokers and mortgage brokers to accept advance fees to perform a Loan Modification for anyone in the state. When the housing and mortgage crises started last year, a number of home loans were with adjustable rate mortgages. Those suddenly skyrocketed at the same time millions of people were laid off from work. The result has been, as some have said, an economic meltdown.

The Advance Fee Agreement ensures lenders and borrowers from unprincipled persons currently offering any loan modification without approval from the state. These persons make false attempts to help restructure the loan and then walk away with their client’s fee in their pocket.

“It can be unsettling that’s for sure,” says Ray Gunderson, President of San Gabriel Valley Mortgage in El Monte, CA. “In a time of need, borrowers have been promised a restructured loan modification for a large fee, but received nothing in return except money out the window. It’s a shame,” Gunderson continues. “These borrowers have families and kids, and have been making their payments on time. We want to help, that’s why we requested approval from the DRE.”