I'm still confused about the law. Is it legal to be a foreclosure consultant in Illinois without a law license?

Asked over 1 year ago - Chicago, IL

I'm interested in providing services as a foreclosure consultant in Illinois. Do I need a law license to provide this service? Is a law license required to be a distressed property consultant (foreclosure consultant) in Illinois?

Attorney answers (4)

  1. Mahmoud Faisal Hasan Elkhatib

    Pro

    Contributor Level 8

    2

    Lawyers agree

    Answered . Illinois has a mortgage fraud rescuers act that specifically outlines who can or cannot provide foreclosure assistance. It contains a carve out exemption for lawyers and real estate agents and mortgage brokers. Over the last few years the Illinois Attorney Generals Office is cracking down on foreclosure specialists and continues to keep an eye out for volume scammers including attorneys.

    Read the act. It covers sale leasebacks of distressed residential properties and foreclosure consultants.

    Things to be aware of:
    - Don't practice law!!
    - Dont go to court for anyone
    - Find a good lawyer to refer whomever your helping
    - Dont ignore the foreclosure case.

  2. Alexander Mchenry Memmen

    Contributor Level 15

    1

    Lawyer agrees

    Answered . I think most attorneys would tell you that, without a law license or attorney oversight, it is very close to the line of practicing law without a license. I would not recommend it, since, without a lawyer, there is little you can do about the foreclosure proceeding.

  3. Stephen Samuel Messutta

    Contributor Level 16

    1

    Lawyer agrees

    Answered . You've asked this before, and my answer was most likely, but you give no indication of the kind of "consulting" that you would propose offering. And even if you did, the likelihood is that before long, you'd wind up in an area requiring one or another kind of license.

  4. Matthew Scott Berkus

    Contributor Level 20

    Answered . Simply google search your issue. When I answered your other question, I found tons of information on foreclosure consultants in Illinois. (Note, your prior question was whether being a foreclosure consultant in IL allowed you to help others in all 50 states, that answer to that question is no), but it does appear that IL has specific regulations authorizing foreclosure consultants, so you just need to figure it out.

Related Topics

Property foreclosure

If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.

Real estate

The term real estate means land and items permanently attached to it, like buildings. This area of law deals with who has the right to own and use these items.

Albert J. Beaudreau

Why You Need a Real Estate Lawyer

Often times a real estate transaction involves the largest investment of your life. Having a real estate attorney involved can be the best insurance you have to ensure the integrity of our... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

24,366 answers this week

2,979 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

24,366 answers this week

2,979 attorneys answering