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Grow Your Own, Be Sure

Understanding the Significant Role That Foreclosure Consultants Play and Becoming One

As the name implies, a foreclosure consultant is a professional individual who has gained the necessary training, knowledge, and skills to deal with various foreclosure issues. A foreclosure consultant plays a significant role when it comes to anything that involves any foreclosure issues. If you are caught in a foreclosure issue, hiring a foreclosure consultant becomes necessary for them to do the following things:
• Stop or postpone a foreclosure sale
• Secure a forbearance for the home owner where the foreclosure consultant will have your mortgage payments postponed for a particular period of time or have them lowered
• Give the home owner an extension to have their mortgage reinstated that includes giving the home owner more time to pay previous due amounts and make their mortgage current
• Obtain from the mortgage of the home owner a waiver of an acceleration cause. This clause is defined as giving the bank a right to demand from the home owner full payment of their mortgage once they defaulted their payments.
• Assist the home owner to get a loan or a fund advance to help them pay for their mortgage
• Aid the home owner to avoid making the mistake of ruining their credit standing.

For one to be called a foreclosure consultant, it is necessary for him or her to get a government license after they have become an attorney. Not all professional requirements are the same across states or countries. However, majority of governments require that after the attorney has accomplished their training requirements, they must register with the department of justice or the attorney general. There are two kinds of licenses that will most likely be obtained by foreclosure consultants. Getting an associate’s license or an agent’s license is necessary if you intend to work for a reputable agency as a foreclosure expert. On the other hand, if you do not want to work for any agency and want to have your own foreclosure consultancy firm, then you should get an independent license.

In order for one to become a licensed foreclosure consultant, the following things must be accomplished:
• Undergo training before getting your license that includes between 15 and 25 hours of online or personal instruction as per local attorney general specifications
• Pay necessary licensing fees
• Become bonded
• Pass an accomplished application that contains personal and background details, business details if you are planning to have your own foreclosure consultancy firm, and additional qualifications such as experience in real estate or mortgage lending.

For some situations, there may be a need for the potential foreclosure consultant to pass the necessary licensing examination. If you are done with the above process and have passed the exam, you will then receive your foreclosure consultant license. However, before you can provide professional foreclosure consultancy services, you have to register your license with your local government first. Usually, foreclosure consultant licenses last only a year. In order for you to continuously practice as a foreclosure consultant, you have to have your license renewed yearly by paying the necessary fees and then make sure to have met the continuing education requirements imposed by your government.