A. Every Contract shall be in writing and shall fully disclose the exact nature of the Mortgage Modification Consultant's services and the total amount and terms of compensation.
B. The Contract shall be written in the same language as principally used by the Mortgage Modification Consultant to describe his or her services or to negotiate the Contract. In addition, the Mortgage Modification Consultant shall provide the Owner, before the Owner signs the Contract, with a copy of a completed Contract written in any other language used in any communication between the Mortgage Modification Consultant and the Owner, and in any language described in Subdivision (b) of California Civil Code Section 1632 if requested by the Owner. If English is the language principally used by the Mortgage Modification Consultant to describe the Mortgage Modification Consultant's services or to negotiate the Contract, the Mortgage Modification Consultant shall notify the Owner orally and in writing before the Owner signs the Contract that the Owner has the right to ask for a completed copy of the Contract in a language described in California Civil Code Section 1632.
C. The Contract shall be dated and signed by the Owner, and shall contain next to the space reserved for the Owner's signature a conspicuous statement in a size equal to at least 14-point boldface type the following language:
NOTICE REQUIRED BY THE
CITY OF LOS ANGELES
CITY OF LOS ANGELES
You, the owner, may cancel this transaction at any time prior to midnight of the seventh calendar day after you sign this contract. Cancellation occurs when you give written notice of cancellation to the other party to this contract at the party's address identified in this contract, or by facsimile or electronic mail at the number or address identified in this contract.
It is not necessary to pay a third party to arrange for a loan modification or other form of forbearance from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. HUD approved nonprofit housing counseling agencies also offer these and other forms of borrower assistance free of charge. A list of nonprofit housing counseling agencies approved by the United States Department of Housing and Urban Development is available from your local HUD office.
You may also reach HUD approved counselors through the Home Ownership Preservation Foundation.
D. The Contract shall contain on the first page, in a type size no smaller than that generally used in the body of the document, each of the following:
(1) The name, mailing address, electronic mail address, and facsimile number of the Mortgage Modification Consultant to which the notice of cancellation is to be mailed.
(2) The date the Owner signed the Contract.
E. The Contract shall be accompanied by a completed form in duplicate, captioned "Notice of Cancellation", which shall be attached to the Contract, shall be easily detachable, and shall contain in type at least 14-point type the following statement written in the same language that was used in the Contract:
"NOTICE OF CANCELLATION."
F. The Mortgage Modification Consultant shall provide the Owner with a copy of the Contract and the attached notice of cancellation. An Owner's use of the notice of cancellation is optional. This section is in no way intended to limit the application of Subsection D. of Section 47.104.
G. Until the Mortgage Modification Consultant has complied with this Section, the Owner may cancel the Contract.