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Illinois Statutes Chapter 765. Property § 940/70. Distressed property consultant compensation

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 70. Distressed property consultant compensation. In transactions that reduce the existing payment on a homeowner's mortgage loan for a period of no less than 5 years, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation that exceeds the lesser of the homeowner's:

(1) existing monthly principal and interest mortgage payment; or

(2) total net savings derived from the lowered monthly principal and interest mortgage payment over the succeeding 12 months.

For all other transactions, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation for any reason that exceeds 50% of the owner's existing monthly principal and interest mortgage payments.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 765. Property § 940/70. Distressed property consultant compensation - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-765-property/il-st-sect-765-940-70/

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