A foreclosure consultant is (1) any person, located out-of-State or within the State, who, directly or indirectly, for compensation from an owner, makes any solicitation, representation, or offer to perform, or who performs, any distressed property service that the person represents will in any manner do any of the following in relation to the owner's distressed property:
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(a) prevent or postpone the foreclosure sale of the property; |
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(b) obtain any forbearance from any mortgagee; |
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(c) assist the owner in exercising any right of reinstatement or right of redemption; |
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(d) obtain any extension of the period within which the owner may reinstate the owner's rights with respect to the property; |
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(e) obtain any waiver of an acceleration clause contained in any promissory note, contract, or mortgage evidencing or securing a debt in relation to the property; |
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(f) assist the owner in obtaining a loan or advance of funds to pay off the promissory note, contract, or mortgage evidencing or securing a debt in relation to the property; or |
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(g) avoid or ameliorate the impairment of the owner's credit resulting from default on the promissory note, contract, or mortgage, or the conduct of a foreclosure sale or offer to repair the owner's credit. |
The governing statute is the Foreclosure Rescue Fraud Act, N.J.S.A. 46:10B-53 et seq.
NOTE: Fingerprinting is required for all Foreclosure Consultant License Candidates |
