Foreclosure consultant
Encyclopedia
Foreclosure consultant means any person who makes any solicitation, representation, or offer to any owner to perform for compensation or who, for compensation, performs any service which the person in any manner represents will in any manner do any of the following:
- Stop or postpone the foreclosureForeclosureForeclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...
sale. - Obtain any forbearance from any beneficiary or mortgagee.
- Assist the owner to exercise the right of reinstatement.
- Obtain any extension of the period within which the owner may reinstate his or her obligation.
- Obtain any waiver of an acceleration clause contained in any promissory notePromissory noteA promissory note is a negotiable instrument, wherein one party makes an unconditional promise in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms.Referred to as a note payable in accounting, or...
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. - Assist the owner to obtain a loan or advance of funds.
- Avoid or ameliorate the impairment of the owner's credit resulting from the recording of a notice of defaultNotice of defaultA notice of default is a notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed is not paid in a given time, the lender may choose to foreclose the borrower's property...
or the conduct of a foreclosure sale. - Save the owner's residence from foreclosure.