Loss Mitigator
When it comes to Foreclosures; what is the purpose of a Loss Mitigator? Can anyone answer that question for me? Can they really help stop forclosure on your property? :-D
When it comes to Foreclosures; what is the purpose of a Loss Mitigator? Can anyone answer that question for me? Can they really help stop forclosure on your property? :-D
We do loss mitigation.. Sometimes we do it ourselves other times we outsource to a company that's been doing it for years (it can be time consuming, and we'd rather spend that time doing short sales or wholesaling).. anyway, yes it can work if the lender and the seller are coroporative.. in most cases, the seller needs to be able to show some reserves fo the bank to be willing to negotiate (i.e. I have a seller who is 36 months behind and has no reserves.. the bank isn't willing to work out a modification).... Hope that helps...
Enjoy...
AJB
In the preveious post, I made reference to "the seller".. force of habit (LOL).. I mean the current homeowner (that's not interested in selling but keeping their home)... Best Regards...
AJB
So basically a mitigator is the middle person that is trying to help the homeowner keep their property by making special arrangements with the lender on the homeowners behalf? Is that correct?
thanks ajb for the insight; that was alot of help.
ajb; If I was interested in getting into loss mitigation how would you suggest I get started?
It's not terribly difficult to do. If you want to get started in it you find an owner going into foreclosure. Have them sign an Auth to Release Info. Then fax to lender. Then talk to lender.
CONGRATS! You are now a loss mitigator. You're trying to help the people keep their home by working out some sort of plan (either pay some back payments, recast the loan, work out a forebearance agreement, etc.)
Ryan J. Schnabel
There are also companies that I can refer you to that do loss mitigation. They would go through the process for you (or with you) until your familiar enough to do it yourself. If your interested, call me & I'll give you further details. Best regards.
AJB
866-333-9797