Real Estate

Becoming a Foreclosure Consultant

A foreclosure consultant is a professional who offers to help you solve your foreclosure problems. They can do this in a number of ways, including:

• Postpone or stop the foreclosure sale

• Obtain a homeowner forbearance, which is when the foreclosure counselor causes the homeowner’s mortgage payments to be postponed for a short period of time or to reduce the payments.

• Giving the landlord an extension of time to reinstate his mortgage, which means giving him time to pay back the overdue amounts and bring his mortgage up to date.

• Get a waiver of an acceleration clause on your mortgage. This clause is what gives the bank the right to demand immediate payment in full right after the homeowner defaults on the mortgage.

• Helps the homeowner obtain an advance of funds or a loan to help pay the mortgage.

• Helps the owner avoid seriously damaging their credit rating,

To become a foreclosure consultant, you must become an attorney or apply for a government license. Professional requirements vary, but generally the government will require them to register with the attorney general or a department of justice after they have met the training requirements. There are two types of possible licenses. If you want to become a foreclosure specialist for an established agency, you will need to have an associate’s license, also known as an agent’s license. If you want to be self-employed and run your own foreclosure consulting business, you will need a separate license.

The application process to obtain your license to become a foreclosure consultant involves:

• Receive pre-licensed training, which is fifteen to twenty-five hours of in-person or online instruction specified by local attorneys general.

• Pay license fees

• Link up

• Submit a complete application that includes your background, business details if you start your own foreclosure consulting business, and any other qualifications, such as home loan or real estate experience.

In some cases, you may also need to take a licensing exam. Once you receive your license, you will need to register with your local government before you can begin practicing as a financial consultant. Licenses generally expire after twelve months, so you will have to complete continuing education and pay a fee to renew them. You will also need to submit a financial statement prepared by a certified accountant to the government. The foreclosure consultant will also need to create a trust account to hold the money that is transferred between the lenders and the homeowners. If you have an independent license, you will need to review the actions of any employee or associate every quarter. Those with an independent license must also obtain a bond for their services.

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