What is a New Jersey Foreclosure Consultant Bond?
Know the how-to of this surety bond today!
You need the following to become a foreclosure consultant in the State of New Jersey:
- Submit a completed application to the New Jersey Department of Banking and Insurance
- Submit an audited financial statement
- Complete the fingerprinting process
- Furnish a surety bond
It is a requirement for the issuance of a foreclosure consultant license. The purpose of the surety bond is to ensure the lawful performance of the foreclosure consultant which includes fulfilling his or her contractual commitments.
Any breach in the contract or state law violations committed by the licensed foreclosure consultant will be a reason for a bond claim. The violations are, but not limited to, the following:
- Demand or claim any compensation before completing the distressed property service
- Take a wage assignment to secure a payment
- Obtain interest by means of an affiliate in a distressed property from an owner
The prerequisite is in pursuance of Section 46:10B-55 of the New Jersey Revised Statutes.
What is the Foreclosure Consultant Bond amount?
The bond amount is $75,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium or just 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Foreclosure Consultant Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting.
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the surety bond conditions?
- The Surety should be state-authorized
- The State of New Jersey should be named as the Obligee of the bond
- The licensee should obey the provisions of Title 46 of the New Jersey Revised Statutes, as well as the rules and regulations of the Department of Banking and Insurance of the State of New Jersey
- If the licensee commits a valid violation, the Obligee will be eligible to file a claim against the bond
Ready to apply? START HERE!