Does Anyone Know Anything About FFPS?
Hi everyone
I came across this company called Freedom Foreclosure Prevention Service or known as FFPS.
They are selling acourse to be a Loss Mitigation Specialist and it is not cheap at least not to me.
It's a course to help you talk to the lender on the owners behalf to get the homeowner out of foreclosure and you can make between $500 & $2k per homeowner.
I was just wanting to know if anyone has heard anything good or bad about them because i was thinking about giving it a try and the only thing thats keeping me from trying it is the cost cause so far i haven't found anything bad or for that matter good.
Thanks ahead of time for any help anyone can give me about them.
Don't know anything good or bad about this company. But most "Loss Mitigation Specialist" techniques are available for free on HUD's website, so I would investigate that site before paying anyone for a course.
Loss Mitigation techniques are fairly simple-- loan reinstatement, mortgage modifications, forebearance agreements, deeds in lieu and short sales. The lenders each have their own rules, but HUD guidelines cover the majority of loans.
One caveat if you assist homeowners with foreclosure avoidance and charge a fee-- The Florida Bar has begun actively prosecuting Loss Mitigation companies for the unlicensed practice of law. This is an unregulated field full of scams, and charging $2k to help someone fill out paperwork the lender is required by law to help the homeowner with will raise some eyebrows if you don't do it the right way.
Originated from Schultz and Schultz I looked into the company they are stable and been in business for like 20 years. The start up fee is expensive but they do provide training and mentoring and it is a repetitious cycle so once you get you just have to repeat it but again for the most part you can get useful information from hud and the lenders because they all have their process the only left to be implemented would be the art of negotiation
Since about 79% of people who work out forbearance agreements end up in foreclosure eventually, would love to buy your Colorado client list!
Kingston,
Are you here near Chico CA?
Have you been investing long?
Thanks,
Bukzin
ColoradoInvestor,
Where is that 79% statistic from??
So...how is the Loss Mitigation course going?
Sounds a lot like Jeff Kallers program. Hes pretty much looking to franchise the short sale industry. He pays some guys to work with mitigators, and people pay him thousands to go to boot camps and have the pleasure of using his mitigators to negotiate the deals for them later down the road . Then he rakes in half of the profits from what the mitigators negotiate.
Genius, pure and simple. Worth it though? Perhaps, if you have very little time, and dont want to spend it working your short sales, giving you more time to be out doing the deals with equity, or sleeping or w/e you wanna do.
Also consider that these guys already know the lenders staff for the most part, and have established relationships already. They know what lenders are looking for before they ask for it, and can get very close to the numbers that they will accept.
I dont know anything about the company you mentioned, but it sounds like a carbon copy of Jeff kallers program. I think it has its advantages, but it also cuts down the amount that goes in your wallet.
when a property is already in foreclosure Lenders respond better to a professional, ie. a lawyer? going through the course and paying for it is not the problem but making a career out of it could be. It just takes a certain type of person to do this kind of work and not knowing you you have to decide and find out what will be required of you. It is a scam, they get rich talking people in to do something maybe they are not capable of doing. Think again.
SORRY FOR ADVERTISING.
accept my apology for advertently marketing here.
Stan[ Edited by schsch on Date 09/30/2005 ]
I understand Mr. Schultz is no longer with FFPS. I wonder why?
Keep in mind that most lenders will have seasoning restrictions on this...... For example, some banks will limit your value to the purchase price if the house sold in the past 6 months to a year. So if you were to try to get a heloc from such an institution, they would only consider the house be valued at 60 some thousand, regardless of what it appraises, since that is how much it sold for in the last 6 months.
You need to make sure you find a lender that will not have seasoning requirements, and will lend on the appraised value immediately after the purchase.... Typically, such lenders will have a lower loan to value then 100%.
Hope this helps.
Vasiliy
Keep in mind that most lenders will have seasoning restrictions on this...... For example, some banks will limit your value to the purchase price if the house sold in the past 6 months to a year. So if you were to try to get a heloc from such an institution, they would only consider the house be valued at 60 some thousand, regardless of what it appraises, since that is how much it sold for in the last 6 months.
You need to make sure you find a lender that will not have seasoning requirements, and will lend on the appraised value immediately after the purchase.... Typically, such lenders will have a lower loan to value then 100%.
Hope this helps.
Vasiliy
Thank you for your response. Your comment certainly did help.
thanks for all the infor. great thread. I am too new to this site. all the infors really help. thanks a bunch
TheLazyInvestor
Why are you being so secretive? If you are going to brag about your new method, tell us what it is.
Brenda
There really is no secret to getting cash back soon after closing legally. People that refinance soon or get a heloc the next day. Really do not need the money to survive the next deal. And if what you did in the first place is legal and on tract, any bank will give you the money the next day. It is the people that need one deal to fund another that have "seasoning problems" If you did the work and have the proof with legitament receipts the process is easy. If you lie you will have a hard time. Buying a house for $60,00.00 and putting a coat of paint on the walls does not make a house go up in value by 50%.
So if you can qualify for a HELOC the next day of buying a house. You can get one. You can go into any bank off of the street and get a HELOC on a property.
Good Luck!!!!!!
This is a no win topic. I know I can buy a house cash today and get a HELOC tomorrow. If you can is another question and only you can answer that. You know your situation better than anyone else here. A bank will not lend you money tomorrow if they feel you are a risk.
Laurie
[addsig]
very confusing. maybe i just dont get it, but I cant understand your question.
Thank you, the sites will help. I did Google searches and was overwhelmed with so much, much of which was hard to follow, and thus decided to sign up in a forum where I might ask questions (outside of my class discussions) as well as read some recent articles on foreclosures.
I did not realize until I signed up that most folks here are into doing real estate or involved some way other than being a beginner.
find a market where the bubble is "bursting" and ask a real estate agent for a list of people with high interest rates that bought recently. Havent tried it, but doing cold calls as a loan officer, I have found a couple
You may want to try searching out the Department of Real Estate for each state. They usually have some good info.
Also, here are a couple of other sites that might be of use…
This is the National Association of Realtors.
http://www.realtor.org/
This one will give you quarterly pricing indexes for the past 25 years for any metro area in the country.
http://www.ofheo.gov/HPIMSA.asp
Hope this helps.