Delaware § 2119 - Mortgage loan modification services; compensation.
Full text of Delaware Delaware Code § 2119 — Mortgage loan modification services; compensation., with citation guidance and answers to common questions.
§ 2119. Mortgage loan modification services; compensation.
(a) As used in this section, unless the context requires otherwise, “mortgage loan modification services” means services as an intermediary between an individual and 1 or more mortgage loan creditors for the purpose of obtaining:
(1) Assent to the repayment of a mortgage loan on terms more favorable to the individual than the terms of the original mortgage loan; or
(2) An arrangement to delay, prevent, remedy, eliminate or discharge any default on the terms of a mortgage loan, or the sale of any property incident to a foreclosure or other judicial proceeding based on a mortgage loan.
(b) A licensee may not receive any compensation for mortgage loan modification services prior to the execution of a written contract that describes in detail all such services that the licensee will perform and all compensation that the licensee will receive for those services. Any compensation received by a licensee in advance of the completion of all such services may not exceed $250.
(c) The total compensation that a licensee receives for mortgage loan modification services must be limited to an amount that is customary and reasonable for those services in this State.
77 Del. Laws, c. 138, § 1;Frequently Asked Questions About Delaware § 2119
What does Delaware Code § 2119 cover?
Section 2119 ("Mortgage loan modification services; compensation.") is part of the Delaware Code, the codified statutory law of Delaware. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Delaware § 2119?
A common citation format is "Delaware Code § 2119" (Delaware). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Delaware law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Delaware official source linked on this page or consult a licensed Delaware attorney.
How does Delaware § 2119 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Delaware can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Delaware.