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California Foreclosure Consultant Act |
"California Foreclosure Consultant Act" comes under California Civil Code sections 2945 through 2945.11. The Civil Code Section 2945.1 defines the California Foreclosure Consultant. The foreclosure consultant can be any individual who act to perform any of the following services
- Help to get right of reinstatement
- Postpone or stop the process of foreclosure sale
- Get the forbearance for his or her client
- Assist in getting further loan and extensions in reinstatement
- Protect the home from foreclosure
- Assist is having better credit reports that has turned bad because of foreclosure
California Foreclosure Consultant Law
According to California Foreclosure Consultant Act if the homeowner has been served with the Notice of Default then no advance fee can be charged by the foreclosure consultant in case assistance for loan modification etc is provided. Attorneys are exempted from this law. In case the notice has not been served then the advance fee may be asked by the consultant but a written contract is must to have in this case. The California Department of Real Estate gives the no objection letter once this contract is submitted with the department. It is must to do thing and that to prior to any services.
Further according to the California Foreclosure Consultant Act there are provisions so that homeowners do not get trapped in the false promises of the consultants. For this the contract must be
- Written
- Contains the provision for cancellation of the contract withing five business days by the homeowners
- No misleading representations
- Fair dealing
California Foreclosure Consultant Registration
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The California Foreclosure consultant will have to register with the Department of Justice in order to work. To be operational the consultant will further have to keep the surety bond worth $100,000.00. Any violation can revoke the license and registration of the California foreclosure consultant.
In case you are looking for foreclosure consultant in California then it is better to consult the attorney and get the information regarding license and registration from the California Department of Real Estate and the Department of Justice. For further help keep checking the pages of Realestatezing.com and also the given links.
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