Archive for the ‘Loss Mitigation’ Category
Loss Mitigation
The departmental title of 'loss mitigation' has become the most popular name for a bank or other corporation's most unenviable department. These poor souls have the sad duty of cutting deals with their loan holders (a.k.a. You) when times are tough. (a.k.a. Now)
Most commonly, the loss mitigation department of a lending institution will be the one you need to talk to if you can no longer afford your mortgage. If they exist (and they do in all of the bigger banks) they are the only ones authorized to make deals to discount or forgive your mortgage when you can't pay on time.
Nine times out of ten, however, they won't deal with you directly. You'll need a real estate Investor to purchase your home from you in order to access a loss mitigation officer, and that means that you'll still be moving out.
The last 10% of the time, however, for the extremely lucky in our unprecedented, horrible economy, can find a way to simply have some of their debt 'forgiven.' Banks need money now more than ever and if they sense you can still pay enough, it just may be in their best interest to accept less money, both now and in the long run, rather than getting no money at all.
Again, don't hold your breath when looking for such a deal; finding it has nothing to do with your legal knowledge or silver tongue as it does with their current balance sheet and loss-risk policies. The best you can do is to read up on your particular lender and keep your ear to the tracks of the whole industry.
This page will showcase news and resources we stumble upon about loss mitigation. If you're searching hard for the best way to get out from under a huge mortgage, reading through this section would be a great first place to start.
Loss Mitigation Consultants
December 18th, 2009
Loss Mitigation Consultants
Question: Does anyone know about becoming a Loss Mitigation Consultant? This is for foreclosures?
I am looking for a job and I came across postings in becoming a Loss Mitigation consultant. Since I'm familiar with the mortgage industry I thought this would be a good area for me. However I have found that a lot of these websites charge you to become a consultant. Is this the way it usually is or are they just trying to make more money? Is anyone here a current loss mitigation consultant? Has it worked for you? I really don't want to throw my money away but I would like to get into the Foreclosure area because I know lots of people going through this now.
Answer: i would never pay money to a website to find me a job as a consultant!!! sounds like a legal scam!!!
Buying Loss Mitigation and Pre-Foreclosure Leads
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Loss Mitigation Dept
December 15th, 2009
Loss Mitigation Dept
Question: Help!!! I need to Know if I can save my home?
I purchased the home in August of 2006 and all was well until a financial issue came up and everthing went downhill from there. I have an agreement with the loss mitigation dept. and I have to come up with 2 payments real fast. I would like to refinance but was told that It was too early. I wanted to know if there is any way I can borrow this cash to get caught up until I am able to refinance ? I have called some places but I am not getting anywhwere.By now I know my credit is not the greatest but I really want to keep my home. I am caring for my son who is ill and we have no place to go. I cannot refinance until August or September. Cannot work a second job because I don't have a car. Thank you,any good leads will be greatly appleciated.
Answer: Who says you have to wait year before refinancing? Check with other lenders. Unfortunately, you will have to pay closing costs again, and if you don't have that money (could be up to $4000), then that can get added to the loan. However, if the house won't appraise higher than it already is, then refinancing won't work because the appraisal has to work.
Countrywide's Loss Mitigation Department Slapped us Around!
Loss Mitigation Negotiation
December 12th, 2009
Loss Mitigation Negotiation
When real estate investors envision what it means to invest in foreclosures, they usually fall into one of two camps. One camp contains investors who primarily focus on the REO process, and they typically purchase REO properties or HUD homes to build their portfolios or generate profits. The REO camp usually requires access to a little more capital to be consistently active so this may offer limitations to many investors, particularly those new to real estate.
The other camp, and the one that I have built my own real estate business around, focuses on preforeclosure properties and short sales. There is also fantastic money to be made here (if there wasn’t, I wouldn’t personally be doing it) and it offers more opportunities for the novice investor. It is primarily for this camp that I have created my landmark Preforeclosure Cash Flow System.
To get a free Foreclosure investing and short sale course, Go to: Loss Mitigation Training
Working the preforeclosure side of the foreclosure business is a natural draw for many investors interested in foreclosures because there is an abundant source of motivated sellers. That is only the tip of the iceberg, though. No matter how motivated a seller may be, real estate investors need to be well trained to be at their best. At the core of this need for training lies loss mitigation training.
What is loss mitigation? It is a general term that refers to working with a lender, whether you are helping a seller negotiate a payment arrangement or if you are working short sales. Lenders have their procedures they follow when processing foreclosures and so too should you have a process for working with loss mitigation.
Today’s preforeclosure business is more than just looking for free foreclosure listings on the Internet or taking the plunge and investing in foreclosure listings that carry a monthly or annual fee. Anybody can do this and what will set you apart as a foreclosure real estate investor and as a preforeclosure specialist is the type of loss mitigation training you have.
I’ve been in this business of foreclosures for a long time now and I’ve seen a lot of experts come and go whose best approach was simply to tell you about all the money there was to be had in preforeclosure and short sales. Where these others fell short was their inability to effectively train their clients in loss mitigation.
My business approach is a little different. Sure, I’m going to be honest with you and tell you that there is indeed a lot of money to be made in short sales and most any aspect of the preforeclosure business. I also back that up by providing the type of loss mitigation training that I have proven successful with my own business.
Friends, loss mitigation and short sales are incredible opportunities but it can also be a jungle out there if you lack the loss mitigation training you need to be at the top of your game. You owe it to yourself to check out my Preforeclosure Cash Flow System and the detailed, cutting edge approach to loss mitigation that is contained within it. I wish you the greatest success in real estate investing.
To get a free Foreclosure investing and short sale course, Go to: Loss Mitigation Training
Dedicated to Multiplying Your Income,
D.C. Fawcett
The Business Building Coach to the Foreclosure Industry
About the Author:
The author is a business building coach to The Foreclosure Industry. PreForeclosures is professional business of Real Estate Foreclosure Investing. For more information visit: www.realestateforeclosuresinvesting.com
Source - Loss Mitigation Training- an Essential Part of Any Preforeclosure Business
Live Loss Mitigation Call with Chase