Hi There....I ask this because a mortgage broker who works the wholesale side said I could do that as a sideline. He said I would need to do some paperwork and then forward it on and I would be able to make some extra money.

Anyone do this? Is this even possible since I am a realtor?


Thanks

Hi, I was just reading that this is actually illegal, esp in CA and against RESPA sect 8. Yikes, so sorry to ask this question...I cannot believe this person asked me to do this, he is pretty reputable too. yikes!

crazy times we are in, i am sticking to real estate. thanks anyways!

Caligirl regardless of what RESPA tells you I think you are making the right decision.....just stick to real estate!

I agree with Kevin,

No need to get yourself wrapped up in something that could be costly for you (or your freedom).

There's still plenty of business to be had, especially here in MN. You just have to work for it, but it's there!

Thanks Guys!!! : )

Lenders prefer to work directly with clients. Only hire a third party if your lender is uncooperative.

An attorney or law firm is the only party that is allowed to charge a client to help with doing a loan modification.

A licensed agent in california can do loan modifications with restrictions. If the homeowner is not delinquent or if it is not their principal residence, you can charge an up front fee to do a loan mod. If the homeowner is delinquent, you can charge a fee after successful completion of the loan mod. You must also have a loan mod plan/contract approved and on file with the DRE.
Within the last two weeks, the city council of Los Angeles passed a law prohibiting real estate licensees from soliciting and performing loan mods in their city.

Loan Mods are fine provided they are done right, according to the rules of the state.The best way to stay compliant and avoid complications is to use a reputable third party that offers a 100% money back guarantee.

my name is Rick Whipple i work for loan restructuring solutions.We are a wholesale processing company in chandler Arizona,i can personally help you get started in the loan modification industry.
www.loanrestructuringsolutions.com or call me direct 480-821-0183