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New Jersey Foreclosure Consultant Bond

How much does a New Jersey Foreclosure Consultant Bond cost?

The Commissioner of the Department of Banking and Insurance requires that all new applicants post a surety bond in the amount of $75,000, although that amount may be increased at any time up to $250,000. The price that you will pay on this bond is dependent upon your credit, so the application will be subject to underwriting. However, highly qualified applicants may be approved for just 1.5% of the total bond amount.

Bond Type Bond Amount Cost*
$75,000 Foreclosure Consultant $75,000 Starts at $1,125 GET A QUOTE
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to get bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4358 or request a bond quote. You can typically anticipate a free no obligation bond quote within 1 business day of submitting an application.

Why do I need this bond?

Foreclosure Consultant Bonds are required to ensure that the principal will comply with all laws and regulations when contracting with owners of financially distressed residential properties, as well as abide by all regulations set forth by the Foreclosure Rescue Fraud Prevention Act (46:10B-53). In the event that damages are incurred directly due to a wrongful act, default, fraud, or misrepresentation by the foreclosure consultant, then a claim may be made up to the full amount of the bond. The surety will pay out in the event of a claim and will then look to the principal for reimbursement.

Ready to post a foreclosure consultant bond? Start here!

What’s the fine print?

The New Jersey Department of Banking and Insurance requires that all foreclosure consultants provide a bond before they are issued a license. The bond remains in effect so long as the consultant keeps their license valid barring cancellation by the surety, which must be provided in writing to the Commissioner at least 30 days before the effective date of the cancellation.

How to become a foreclosure consultant in New Jersey

Along with the bond, those hoping to become a licensed Foreclosure Consultant must also submit:

  1. A complete and correctly signed license application (required for every individual applicant)

  2. Copy of certificate of Incorporation/Formation or Operating Agreement (LLC)

  3. Financial statement prepared by a CPA

  4. Company check or money order for license fee ($500 for business; $100 for individual)

  5. Evidence verifying completion of fingerprinting

  6. Certification of Office Suitability (In or out-of-state office)

  7. Any additional locations the applicant will engage in foreclosure consulting business

Failure to submit the aforementioned information when applying for a license will result in the application being returned.

Don’t wait to get bonded. Begin our simple process today!

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Additional Resources

New Jersey Foreclosure Consultant Application and Instructions

New Jersey Foreclosure Consultant Bond Form

New Jersey Foreclosure Rescue Fraud Prevention Act

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