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ATTENTION REAL ESTATE LICENSEES: HOW TO LOSE YOUR LICENSE!
                                                * * * *  HARD CORE REAL ESTATE TALK  * * * *
WARNING!  THERE APPEARS TO BE A COTTAGE INDUSTRY DEVELOPING FOR REAL ESTATE AGENTS:
LOAN MODIFICATION ADVICE
Read on Inman this a.m. an article "Loan modifications: salvation or scam?" in which they describe and even recommend that real estate agents can provide this advice and even charge for it. 
* * * * shared a number of ways that Realtors can legally assist their clients in navigating through the loan modification process and, in some cases, be paid for their efforts, more. . . . .
I believe that this is very risky business for any licensed real estate agent or broker.
Offering loan modification advice to a home owner is not, IMO, our business. We are neither trained nor skilled to give such advice and may violate the scope of our license to do so.  I'd be interested to know whether an E&O insurer would represent a real estate licensee in a claim against them for mortgage modification advice.
Most of the real estate agents I know don't know the difference between a deed and a deed of trust. Nor do they understand the structure of the loan/loan servicing, ... more

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