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Loan Modification Merchant Account

Loan modification businesses have been under constant scrutiny from the government over the past few years. These businesses are usually unlicensed and provide a basic service that is able to be done by the home owner themselves. Some of these merchants are licensed by their state or they are law offices. Today most banks will not work with any loan modification merchant that is not a law office. The merchant being a law firm provides the bank with more of a cushion. Law firms are less likely to lose their license or risk losing their license than a business that is not a law firm. Law firms will put less at risk when they modify client’s loans.

Unlicensed merchants are mainly where the loan modification problems stem from and where the government has started to intervene. They cold call customers that are having problems with debt or are behind on their mortgage and offer them a way to modify the loan. Usually what happens is the merchants charge a high upfront fee to the new client and help the client apply for government loan modification or call their creditors and try to modify the mortgage this way. Both of these tactics are not the most ethical and concern has been raised by the government. Banks and payment processors do not want these merchants processing with them since when the government becomes involved it normally takes the reserves that the bank is holding for chargebacks. This leaves the bank holding the bag for all chargebacks.

Offshore Merchants will be able to setup your loan modification business with a merchant account if you are operating as a law firm or you have a license for your business. Offshore Merchants has been setting up loan modification merchant accounts since 2007.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.