May 11, 2009

Foreclosure Prevention Counseling, the Law, and You

What you need to know before you offer your services

By Marcie Geffner - California Real Estate magazine

REALTORS® might seem perfectly positioned to offer foreclosure prevention counseling and loan modification services to homeowners who can’t afford their mortgage payments. After all, many of these struggling homeowners naturally turn to the trusted REALTOR® who helped them purchase their home to ask for such assistance. But while you might be willing to help, you also should consider a number of risks before you decide to tackle this type of activity.

Why It’s Risky

The potentially risky areas include real estate licensing law, advance fees, the Foreclosure Consultants Law, and errors and omissions (E&O) insurance coverage.

Read on: http://www.car.org/newsstand/crem/current-issue/aprilmay2009/300646/