Florida Loss Mitigation Laws - Free Foreclosure Help - Loan Modification Help

fgsinv · #1 (**permalink**) 11-29-2007, 05:17 PM

As a Lic Mtg Broker in Florida I recently started a Loss Mitigation company with the intent of saving homes. I was talking with an attorney in my office & he stated that my business would fall under "credit Service Organization" statues which unless I was a non profit or an attorney I would commiting a felony. I find it hard to believe that as a loss mitigator I would be classsified under this statue(chapter 817). Can anyone in florida provide any information.

chuckg · #2 (**permalink**) 12-18-2007, 06:06 AM

What is required in FL for Loss Mitigation?

877YouKeep · #3 (**permalink**) 12-18-2007, 08:28 PM

some of the biggest companies in the nation have Florida as their home base. I would check with another attorney there is bad information in any industry. We help homeowners in Florida stop foreclosure. If you help people and do not make promises you can not keep you will be alright.

thatmortgageguy · #4 (**permalink**) 03-26-2008, 03:11 PM

Under Chapter 817, specifically:

817.803

(2) Exceptions - Any person who engages in debt adjustment to adjust the indebtedness owed to such person.

I think this reads that Loss Mitigators are exempt from Chapter 817, I've contacted the state for clarification.

Stay tuned.

fgsinv · #5 (**permalink**) 05-13-2008, 01:17 PM

Thatmortgageguy Did you get a response from the state?

fgsinv · #6 (**permalink**) 05-30-2008, 10:24 AM

It was announced today that Florida will have new requirements that will affect foreclosure prevention consultants. It requires that a workout agreement must incluse a 5 day cancellation clause and a statement that the homeowner can contact their mortgage company themselves and not have to pay a fee. Does anyone know what the terminology must say and how is it to be worded? Our firm offers a moneyback guarantee but we want to make sure we are in compliance.

dcaceres · #7 (**permalink**) 06-01-2008, 06:46 PM

I spoke this past week to the Financial Regulation of FL and they told me as is Mortgage or Loan Modification is under 494 therefore we must have all the paper work as a loan, like the GFE, etc...

When I call I ask for Mortgage Modification... So probably thats why I got that answer... but they seems not to be very well inform, they are not sure what to say...

So I am going to call and ask for Loss Mitigation...

At the same time I found and article on the net saying this industry is not regulate it yet...

UMG · #8 (**permalink**) 06-20-2008, 05:03 PM

Anymore information on this ? Does anyone have a definit answer?

UMG · #9 (**permalink**) 06-21-2008, 10:05 PM

What is everyones take on this new law that just passed in Florida