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What Is a Foreclosure Consultant Bond?
The goal of foreclosure consultant bonds is to protect your customers and the state of Rhode Island. In case you transgress from applicable rules and regulations, a party that suffers damages as a result of your actions can file a claim against your bond. They can seek a reimbursement up to the penal sum of the bond you have obtained.
Your surety bond is a three-party contract. Your foreclosure consultancy business is the principal that needs to get the bond. The relevant state authority that requires it is the obligee. The third entity is the surety, which provides the bond and backs your company.
Questions about Foreclosure Consultant Bond in Rhode Island
How much does a foreclosure consultant bond cost?
In order to get bonded, you have to cover only a small percentage of the bond amount that you are required to post in your state. This is called the bond premium. Depending on your finances, it is usually between 1% and 5% of the required amount.
What factors affect your surety bond cost? The most important ones include your personal credit score, business financials, and any assets and liquidity that you can showcase. Your professional experience can also be considered. By examining these criteria, your surety assesses the level of risk involved in bonding you. Your price is likely to be lower if your overall application is solid.
What if I have bad credit?
With Lance Surety Bonds you can get bonded even if you have problematic finances. We run our Bad Credit Surety Bonds program for applicants with a low credit score, tax liens, bankruptcies, and civil judgements.
The usual bad credit bond rates are between 5% and 10%. The higher price is needed to compensate for the increased bonding risk. As we work with numerous A-rated, T-listed surety companies, we are still able to provide you with a top bond price, whatever your credit score is.
How do I get a foreclosure consultant bond?
Need more details about the way bonding works? Here is our in-depth How to Get Bonded page.
For further questions, you can always contact us at (877) 514-5146. Our surety bond specialists will happily help you out.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
