There was not only one time when we’ve tried to get the bank to loan us some money for really small lots in Oregon which were destined for big animals. The bank demanded us to pay down 50% of the value of the land as down payment when we found land for sale in Oregon that we could actually afford and this would have happened only if we got accepted for the loan. But as my husband was surfing the Internet one day, he found a deal which was really incredible. Some guy called Michael Long from Portland in Oregon was dealing with really small undeveloped parcels of land in the south of Oregon. He was selling the cheap land for just $12,000 and he was functioning as his own personal bank which means that we got the loan from him. He was demanding for a down payment of course but only of $500 and he only asked for $150 every month for the land.

We later found out the land he was selling was residential and that we could build a house on it. Also, the land permitted you to raise any kind of large animals. My dream of having my own horse ranch was becoming real. This guy has about 30 lots of land from which you can choose. He told us that some people didn’t know how the land looked like when they bought it and if they didn’t like it in the end he could put the money they had given him in a more desirable parcel of land.

Every state has different rules and regulations regarding who can do loan modifications and what licensing, if any, is required. Many states don’t have any restrictions whatsoever, though they’ll probably come up with something to regulate the industry in the next year or two. Other states have a lot of oversight, laws, and/or regulations. To confuse matters even more, nearly every state is in the process of creating, changing, or adding to the requirements. It’s a bit hard to keep track of, honestly.

The Oregon Mortgage Rescue Protection Act, passed last year, restricts the loan modification process in Oregon somewhat, requiring additional disclosure, which implies, but does not explicitly state, that only mortgage brokers and attorneys can do loan modifications. If there are other statues covering loan mods within Oregon, you was unable to find them. You may want to try calling the Oregon Real Estate Commission for more detailed and up-to-date info. The Commission for any state usually knows, and they’re often the regulatory body too. Another resource is to call the Oregon Mortgage Broker Commission, as the mortgage broker commission for any given state can also often be the regulatory body for loan mods. They should be able to provide accurate and detailed info regarding loan mod laws, oversight, and licensing as well.