I am a Realtor and was wondering if it is legal to assist people obtain a Forberance Agreement, Loan Modification, Partial Claim…in order to avoid a Foreclosure and get paid upfront fees for doing so?….The fees are reembursed if nothing gets approved…would these services be legal? I appreciate any feedback…Thanks.
GD Star Rating
loading...
loading...
Related Posts:
Tags: Assist, Avoid Foreclosure, Charge, Fees, Homeowners, Legal, Loan, Loan Modification, Loss, Loss Mitigation, Mitigation, Modification, Negotiate, People, Realtor, Upfront, Upfront Fees
6 Responses to “Loss Mitigation; Is It Legal To Charge Upfront Fees To Assist Homeowners Negotiate A Loan Modification?”
Leave a Reply
Filled Under: Mortgage Loan Modification
January 5th, 2010 at 2:25 am
If you are asking if these fees are inappropriate for a Realtor to charge for such services performed, yes. It is not the purview of a real estate agent to engage in financing arrangements for fees. The fees which a real estate agent is allowed to collect are limited to those which are involved in procuring a buyer, a seller, or both.
loading...
January 5th, 2010 at 2:59 am
I agree with everybody, other then the first poster but I hate to give thumbs downs.
I dont see how. Since you are not acting as a real estate agent, or you arent acting as a loan officer. I dont see how you can be paid.
I would assume you would have to be an attorney for any of these actions. If you were just free lancing it and charging the client. I would say absolutely not, unless you want to risk you license.
loading...
January 5th, 2010 at 3:07 am
If you are not an attorney licensed to practice law you really do not have anything to offer that would be of any value.
If you are really serious about helping people I recommend that you go to law school, pass the bar and become an attorney.
Then you will have something of value to offer.
loading...
January 5th, 2010 at 3:48 am
Yes, it’s legal in most states. But, you better make sure to spell out exactly the terms of the agreement and give back money if you can’t get a successful workout plan for the homeowners. Not to protect your morals or anything, but to avoid any complaints or being shut down by the regulatory agencies.
If you are doing good work for homeowners who need some extra help, then you deserve to be paid for it. But you can’t just take money, do little work, and then keep the money after the lender declines a solution. That might be legal, but it won’t keep you in business for long.
loading...
January 5th, 2010 at 4:33 am
Don’t know what state you are in but it’s not legal in California. You can’t accept any fees until your services are completed. In addition, there are very strict laws for dealing with people in “distress”, sepcifically in foreclosure.
You seriously can’t be that desperate! Why would you want to charge people up front fees anyway when they can’t even pay their mortgage.
You disgrace everyone with a license … assuming you have one!
There’s your feedback.
loading...
January 5th, 2010 at 4:52 am
i am no expert but it sounds legal but again i really dont know for certain. google it
loading...