§ 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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