New surety bond requirement for California the $100,000 Foreclosure bond which must be written for a two year term. All foreclosure consultants must carrier this Surety bond along with paying an $850 licensing fee and registering with the state. With influx of complaints and fraudulent acts commented by foreclosure consultants have forced the state to do something. “California is awash with con artists who prey on vulnerable families facing foreclosure,” said state Attorney General. Brown said those who fail to register and post the bond will be in violation of state law, and subject to criminal penalties of up to a year in jail and fines ranging from $1,000 to $25,000 per violation. Consultants are required to have the bond no later than July 1st. If you need fast service and a company that flexible underwriting give us a call so we can help you stay complaint with the new state mandate.
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