‘Foreclosure consultant’ means a person who, directly or indirectly, makes any solicitation, representation or offer to a homeowner to perform for compensation, or who, for compensation, performs any covered service that the person represents will do any of the following:

Terms Used In Nevada Revised Statutes 645F.320

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039

1.  Prevent or postpone a foreclosure sale;

2.  Obtain any forbearance from any mortgagee or beneficiary of a deed of trust;

3.  Assist the homeowner to exercise the right of reinstatement provided in the legal documents;

4.  Obtain any extension of the period within which the homeowner may reinstate the homeowner’s obligation;

5.  Obtain any waiver of an acceleration clause contained in any promissory note or contract secured by a mortgage on a residence in foreclosure or included in the mortgage or deed of trust;

6.  Assist the homeowner in foreclosure or loan default to obtain a loan or advance of money;

7.  Avoid or ameliorate the impairment of the homeowner’s credit resulting from the recording of a notice of default or the conduct of a foreclosure sale;

8.  Save the homeowner’s residence from foreclosure; or

9.  Assist the homeowner to obtain a foreclosure reconveyance.

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