Although the definition may vary by

jurisdiction Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...

, foreclosure consultant generally means any person who makes any solicitation, representation, or offer to any owner to perform for compensation or who, for compensation, performs any service which the person in any manner represents will in any manner do any of the following: #Stop or postpone the

foreclosure Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has Default (finance), stopped making payments to the lender by forcing the sale of the asset used as the Collateral (finance), coll ...

sale. #Obtain any forbearance from any beneficiary or mortgagee. #Assist the owner to exercise the right of reinstatement. #Obtain any extension of the period within which the owner may reinstate his or her obligation. #Obtain any waiver of an acceleration clause contained in any

promissory note A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the ''maker'' or ''issuer'') promises in writing to pay a determinate sum of ...

or contract secured by a deed of trust or mortgage on a residence in foreclosure or contained in any such deed of trust or mortgage. #Assist the owner to obtain a loan or advance of funds. #Avoid or ameliorate the impairment of the owner's credit resulting from the recording of a notice of default or the conduct of a foreclosure sale. #Save the owner's residence from foreclosure. In some jurisdictions a foreclosure consultant must be licensed by the government.

References

See also