Legal Question in Real Estate Law in Illinois
Is a Distressed Property Consultant or Mortgage Foreclosure Consultant legally required to be licensed in Illinois? Can I legally initiate contact to the homeowner by mail or phone who is in pre-foreclosure? Is it legal to do loan modifications without a license as a Mortgage Foreclosure Consultant in Illinois? Here is a list of the services I will be providing:
1.Stop or postpone the foreclosure sale.
2.Obtain any forbearance from any beneficiary or mortgagee.
3.Assist the owner to exercise the right of reinstatement.
4.Obtain any extension of the period within which the owner may reinstate his or her obligation.
5.Obtain any waiver of an acceleration clause contained in any promissory note or contract secured by a deed of trust or mortgage on a residence in foreclosure or contained in any such deed of trust or mortgage.
6.Assist the owner to obtain a loan or advance of funds.
7.Avoid or ameliorate the impairment of the owner's credit resulting from the recording of a notice of default or the conduct of a foreclosure sale.
8.Save the owner's residence from foreclosure.
1 Answer from Attorneys
I would say for most, if not all of the items you list, you would need a license. For some items you would need a law license and for some a loan originator license.
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