As of January 1, 2010 anyone who is actively engaged in Loan Modification, Foreclosure Rescue Service,

Foreclosure Prevention Services, or Real Estate Short Sale in Florida is require by law to be licensed as a Florida Mortgage Broker.

Question:  Who has to be licensed as a Florida Mortage Broker as of January 1, 2010?

Answer:  Anyone who is offering or performing Foreclosure Related Rescue Services, Loan Modification Services, or Real Estate Short Sales.

• Loan Modification Specialists
• Real Estate Agents negotiating Short Sales
• Para Legals who work with Loan Modification or Foreclosure Attorneys
• Real Estate Short Sale Telemarketers
• Loan Modification Telemarketers
• Reverse Mortgage Specialists
• Any out of state company offering Loan Modification, Foreclosure Rescue or Prevention Services in Florida
• Anyone or any company charging a fee for a Florida Loan Modification, Foreclosure Rescue or Prevention Services
• Anyone or any company recieving a fee for a Florida Loan Modification, Foreclosure Rescue or Prevention Services

You are required to be licensed as a Florida Mortgage Broker if you are negotiating Florida Mortgage Loans including: terms, interest rate, monthly payment reduction, principal reduction, forbearance, equity right of redemption, arearrage forgiveness, payment plans, late fee reduction, legal fee reduction, mortgage loan restructuring, deed in lieu of foreclosure, or foreclosure rescue services.

Question:  What is meant by Foreclosure-Related Rescue Services?

Answer:  Foreclosure-Related Rescue Services means any good or service related to, or promising assistance in connection with:

1.  Stopping, avoiding, or delaying foreclosure proceedings concerning residential real property

2.  Curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation

Question:  What is meant by Foreclosure-Rescue Transaction?

Answer:  Foreclosure-Rescue Transaction means a transaction:

1.  By which residential real property in foreclosure is conveyed to an equity purchaser (investor, buyer, beneficiary, trustee, or other interested third party,) and the homeowner maintains a legal or equitable interest in the residential real property conveyed, including, without limitation, a lease option interest, an option to acquire the property, an interest as beneficiary or trustee to a land trust, or other interest in the property conveyed.

2.  That is designed or intended by the parties to stop, avoid, or delay foreclosure proceedings against a homeowner's residential real property.

Course Taught by:  Former Citibank Loan Officer

Call today and register for the next Loan Modification Licensing Course Tel: 305-761-2993