Upside Down Mortgage

Posts Tagged ‘mitigation’

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 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

Loss Mitigation Short Sale

Question: Short Sale?

I'm so confused right now, because I'm trying to purchase a short sale. The seller has accepted my contract and now it's with loss mitigation. My lender doesn't think it's valid because we offered 265 and she owes 325. My agent says that the loss is not that big, because of the current housing market, and the listing agent says he is confident it will go to closing. My lender wants me to look at other options, but i really like this house. I do have something else as a back up, but what I want to know, is it normal for the bank to take a 60k loss, or is our offer amount really not enough to get it approved.
Thanks for all answers
Here in the Washington Dc area, the seller is able to pick which contract they want to go with, and then it is submitted to the bank for approval I know that the bank has to approve it, my question was do you think that they will take that much of a loss?

Answer: All short sales are contingent upon bank approval. This process could take anywhere from a few weeks to months...(just to get price approval) Your lender is correct, you don't have a valid contract until the bank approves and the seller signed contract basically means squat right now. In most cases the banks will take a loss and sell the home for slightly less than Fair Market Value...if it goes to foreclosure they will lose alot more. It is all going to depend on the bank, Fair Market Value of the House and whether or not you have more than one lien holder on the property. If there is a 1st & a 2nd you are going to need bank approval from both.

The last short I did the 2nd lien holder got $1000.00 on a $80,000 note, so they can work (in rare circumstances) Good Luck, consult your agent. Not giving legal advice.

Millionaire Gary Prescott Speaking to Loss Mitigation