§ 47.4. Options other than licensee mortgage loan modification.

 Prior to contracting with a borrower to perform a mortgage loan modification, a licensee should inform the borrower of other appropriate options to resolve a delinquent mortgage loan, which may include:

   (1)  Repayment of the mortgage loan according to the contracted terms.

   (2)  A self-negotiated mortgage loan modification.

   (3)  Sale of the property which is collateral for the mortgage loan.

   (4)  Filing for personal bankruptcy.

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