The California Foreclosure Consultant Surety Bond is required by the California Secretary of State in order to register as a Foreclosure Consultant in this state.
A foreclosure consultant is any person who makes an offer to an owner to provide services such as:
- Stopping or postponing the foreclosure sale
- Assisting the owner in exercising the right of reinstatement
- Assisting the owner in getting a loan or an advance of funds
- Avoiding the impairment of the owner’s credit resulting
- Saving the owner’s residence from foreclosure
What are the requirements in order to be a mortgage Foreclosure Consultant in the state of California?
In order to legally operate as a Foreclosure Consultant in California, you must obtain a Certificate of Registration as a Mortgage Foreclosure Consultant from the Department of Justice. To do so, you must submit the following:
- A completed application
- A copy of the contract you will use with clients
- An $850 filing fee
- File a $100,000 California Foreclosure Consultant Surety Bond with the Secretary of State
To learn more about the regulations for a California Foreclosure Consultant, you can read sections 2945 – 2945.11 of the California Civil Code, or visit the CA Department of Justice Website
Why do you need a Foreclosure Consultant Surety Bond in the State of California?
In 2009, then Attorney General of California Edmund Brown Jr. wanted to stop the growing number of scam artists that were preying on distressed homeowners. He issued a directive that, in part, created the requirement for the California Foreclosure Consultant Surety Bond. As a part of registration, foreclosure consultants operating in California had to provide the following information:
- Copies of all contracts to be used for services
- The consultant’s name, address, and phone number
- Any email addresses, phone numbers, names, and websites to be used in the company
- Copies of all related advertising
After these have been reviewed, the foreclosure consultant is given registration to show they legally operate within the State of California.
Where can I get a California Foreclosure Consultant Surety Bond?
To obtain a California Foreclosure Consultant Surety Bond, all you need to do is take a few minutes to fill out our free online application! Within one business day one of our licensed agents will contact you with a no-obligation quote for the price to obtain your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bonding experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau!