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uncle_jimmy
29 Posts |
 Posted - 10/30/2009 : 10:02:59 AM
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Disclaimer: I'm not looking for legal advice!
I'm simply wondering how those doing loan mods around the country structure their contracts in order to collect fees prior to all the work being done.
My state law, like many others, requires that no fees can be collected until "each and every service the foreclosure consultant contracted to perform or represented he or she would perform" is completed.
Any ideas?
(I know there are "attorney based" processing firms out there that will act as a conduit but I don't like the fees they charge.) |
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velecico
5311 Posts |
Posted - 10/30/2009 : 4:22:39 PM
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| California has examples for a mod retainer agreement on the DRE site , check it out |
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uncle_jimmy
29 Posts |
Posted - 10/31/2009 : 08:40:09 AM
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| Thanks velecico |
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BrewCrewGuy
169 Posts |
Posted - 10/31/2009 : 10:04:48 AM
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| There are still about 30 states out there with no "foreclosure consultant" laws at all. You can do business there....most potential clients will see right through the BS if you don't have proven completed mods to show them. The attorney is more pricy....however overall price increase is going to part of this business in the near future. Almost every client that comes to us tried to do the mod themselves and failed, took a bad deal and defaulted again or are a 10 days away form the sale date. Their problems are more complex and require much more attention. Low fees just won't cut it for the work involved all the way around. |
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