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11-30-2007, 09:07 AM
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Loss Mitigation; Is it legal to charge upfront fees to
assist homeowners negotiate a loan modification? I am a Realtor and was wondering if it is legal to assist people obtain a Forberance Agreement, Loan Modification, Partial Claim...in order to avoid a Foreclosure and get paid upfront fees for doing so?....The fees are reembursed if nothing gets approved...would these services be legal? I appreciate any feedback...Thanks.
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11-30-2007, 10:01 AM
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I think it is ethical to charge an administrative fee of something like 199 to get the file started and to "talk and begin starting your paperwork, gathering information - paying you for your beginning legwork" that is non-refundable - but as 877 says - you may want to charge a "deposit" upfront and put it into an escrow account until the file has completed, and then that escrow account pays you for your completed work, if it doesn't go through - then that escrow account pays the client back the deposit.... but 877 is the expert on that part.... just giving my two cents and understanding of it....
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11-30-2007, 08:08 PM
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Loss Mitigation fees
It depends on what state you are working, although to be safe a deposit is the terminology that is acceptable nationwide. Get a deposit equal to your fees and once complete they send you your fee and you use the money you have as deposit as stated in previous thread. more detail in other thread
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How to Stop Foreclosure - Chase Loan Modification - Chase Loan Modification - Chase Loan Modification - Loan Modification |
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12-28-2007, 10:37 PM
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I think you can charge what the market will bear.
People pay for others to walk their dog, buy groceries, clean their home, etc. many services people pay for they could do themselves but choose not to.
The main thing in my book is to work hard for your client and give them full disclosure. Sincerely earn what you charge but make sure to value your own time too. |
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