Virginia Loan Modification Laws
- Virginia regulates suppliers of foreclosure rescue under VA Code § 59.1-200.1. (see http://leg1.state.va.us/cgi-bin/legp504.exe?081+ful+HB408ER2). The statute appears to be designed for those foreclosure consultants who purchase mortgages and lease back to the original owner.
- The State:
- Prohibits up front fees
- Prohibits mandatory arbitration clauses
- Attorneys are not exempt from this regulation.
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