home loan "modifications
Date: Fri, 10/31/2008 - 11:07
A company in MSP is advertising that they can (as exclusive MN licensee) negotiate principal & interest rate reductions on behalf of clients. Is there a license for this? And what are the qualifiers necessary to have a mortgage company do this?
Maybe. A few states are starting to license for-profit debt man
Maybe. A few states are starting to license for-profit debt management. They're basing their new laws on a model law they're following seems to include the note modifaction people too. I would imagine attorneys and (maybe) licensed mortgage brokers could do the same thing, even though it's not exactly what they're licensed to do.
Having said this, I don't know if Minnesota is one of the states that offers a debt management license. You should probably contact which ever agency regulates mortgages in your state (usually it's the Department of Banking) and see if they have any info.
