Prior to contracting with a borrower to perform a mortgage loan modification, a licensee should inform the borrower of other appropriate options to resolve a delinquent mortgage loan, which may include:

1. (1) Repayment of the mortgage loan according to the contracted terms.
2. (2) A self-negotiated mortgage loan modification.
3. (3) Sale of the property which is collateral for the mortgage loan.
4. (4) Filing for personal bankruptcy.