• Obtain a homeowner’s forbearance, which is when the foreclosure counselor arranges for the homeowner’s mortgage payments to be postponed for a short period of time or payments reduced
• Get an extension of time for the landlord to reinstate your mortgage, which means giving you time to pay past due amounts and bring your mortgage current.
• Obtain a waiver of an acceleration clause in your mortgage. This clause is what gives the bank the right to demand immediate full payment just after the owner defaults on the mortgage.
• Helps the homeowner get an advance or a loan to help pay the mortgage
• Helps the homeowner avoid seriously damaging their credit rating, Website design By BotEap.comTo become a foreclosure consultant, you must become a lawyer or apply for a government license. Professional requirements vary, but generally the government will require them to register with the attorney general or a justice department after they have met the training requirements. There are two types of license possible. If you want to become a foreclosure specialist for an established agency, you must have an associate’s license, also known as a broker’s license. If you want to be self-employed and run your own foreclosure consulting business, you will need a separate license. Website design By BotEap.comThe application process to obtain your license to become a foreclosure consultant involves: Website design By BotEap.com• Receive pre-licensing training, which is approximately fifteen to twenty-five hours of in-person or online instruction specified by local attorneys general.
• Payment of license fees
• Link up
• Submit a complete application that includes your background information, business details if starting your own foreclosure consulting business, and any other qualifications such as home loan or real estate experience. Website design By BotEap.comIn some cases, you may also be required to take a licensing exam. Once you receive your license, you will need to register with your local government before you can start practicing as a financial consultant. Licenses generally expire after twelve months, so you’ll need 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 set up a trust account to hold any money that is transferred between lenders and 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.