As foreclosure attorneys, it is observed that after July 1, 2009, it became illegal to act as a Foreclosure Consultant in the State of California unless a person is registered with the Attorney General as required by California Civil Code section 2945.45.
There is the $850 filing fee, application, and a copy of the contract the potential foreclosure consultant will use with its clients, the potential foreclosure consultant must be bonded at a minimum of $100,000.00 and register that bond with the California Secretary of State. Items are submitted to:
Foreclosure Consultant Registration Program
California Attorney General's Office
Consumer Law Section
300 South Spring Street, Suite 1702
Los Angeles, CA 90013
Contact the Secretary of State to obtain the necessary bond forms:
Secretary of State
Special Filings Unit
1500 11th Street
Sacramento, CA 95814
What is a "foreclosure consultant" as defined by California Law?
(California Civil Code 2945.1, "Mortgage Foreclosure Consultant Law")
The following definitions apply: (a) "Foreclosure consultant" means any person who makes any solicitation, representation, or offer to any owner to perform for pay or who, for pay, performs any service which the person represents will do any of the following: (1) Stop or postpone the foreclosure sale. (2) Obtain any forbearance from any beneficiary or mortgagee. (3) Assist the owner to exercise the right of reinstatement provided in Section 2924c. (4) Obtain any extension of the period within which the owner may reinstate an obligation. (5) Obtain any waiver of an acceleration clause contained in any promissory note or contract secured by a deed of trust or mortgage on a residence in foreclosure or contained in a deed of trust or mortgage. (6) Assist the owner to obtain a loan or advance of funds. (7) 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. (8) Save the owner's residence from foreclosure. (9) Assist the owner in obtaining from the beneficiary, mortgagee, trustee under a power of sale, or counsel for the beneficiary, mortgagee, or trustee, the remaining proceeds from the foreclosure sale of the owner's residence.
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