I do Loan Modifications. I abide by the Foreclosure Rescue Fraud Prevention Act. I am lucky enough to have never had a problem getting paid after the deal is done. I am curious though, what if I did? What kind of recourse would I have?
DO you not have a contract of some kind with your client?
if not how can you think some one woukld do business with you ?
With no outline as to what you were going to do for what price
Of course I have a contract
OKAY
Then i would think you have a cya point in it so you all ways get payed
The contract/agreement should cover you. But, at the cost per loan mod it may not be worth it to go to court over 2-3K. Are you having trouble getting paid?
You also have to abide by state law. In NJ you cannot even adjust a debt without following the state guidelines. In NC, the attorney general sent out a memo to all loan officers and real estate professionals notifying them of possible breach of law if you modify someones loan. The only exception within the statutes: Licensed attorney, pro bono etc. I dont know all the parameters but depending on where you reside and do business I would check the law. It seems like it changes daily. Good luck.