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Loss Mitigation Leads? |
dburch
55 Posts
Member Since: 02/08/2004
Knoxville, TN
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Posted: 14:14 on 05-30-2005
I'm not sure if anyone has been looking into the whole "loss mitigation specialist" scene, but it seems to be growing quickly. There isn't much discussion on the net about it so I figured I would post it on this website because of all the experienced investors. It seems some do this full time and others simply offer it to get good real estate investment leads. Does anyone have any opinions or experience with this service? I'm wondering if I offered this service if it would bring in some potential deals.
If you do have experience who would you recommend to go through? There are many companies out there and some seem rather suspicious. I've seen good and bad posts on discussion boards about the service and all the companies out there. This would be a good place where investors can get some solid answers about this industry.
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cjmazur
4284 Posts
Member Since: 07/23/2003
Cupertino, CA
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Posted: 18:26 on 05-30-2005
I have never seen the loss mitigation function of a lender farmed out to an outside firm.
Given current trends, I wouldn't be surprised to get an Indian call center next time I call loss mit.
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toobizee
232 Posts
Member Since: 02/10/2004
Belleair, FL
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Posted: 17:33 on 06-08-2005
I've been looking into the same thing - loss mitigation specialist. I've found price ranges from $59 to over $2000 for 'packages' to buy to become a LM specialist. I'd be interested in knowing what you find.
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skidaddle
1 Posts
Member Since: 06/09/2005
Santa Barbara, CA
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Posted: 11:30 on 06-09-2005
There are legal reason why they do not farm it
out believe me.
SKIDADDLE
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bgrossnickle
2349 Posts
Member Since: 10/22/2003
Heathrow, FL
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Posted: 11:56 on 06-09-2005
I do not think he is talking about working for the investor directly to replace loss mitigation representatives. There is a growing number of companies that the investor uses to contact the home owner. This loss mit specialist discusses with the homeowner their options and tries to find a solution other than foreclosure. They are helping the home owner put together the package, they are not on the other side and trying to get the package approved.
Brenda
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ZinOrganization
665 Posts
Member Since: 07/13/2004
Norwichtown, CT
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Posted: 16:30 on 06-12-2005
When i was working a deal with Green Tree Loan Servicing co. (very mean and unhelpful) they thought i was someone who tries to negotiate forebearance agreements with them and charge the owner a fee for it. (possibly loss mitt specialist) they said its useless and they wont even talk to people who do that because they can call the owner and do it themselves.
i believe thats what your talking about, maybe not?
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dburch
55 Posts
Member Since: 02/08/2004
Knoxville, TN
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Posted: 20:42 on 06-13-2005
Yes, I am talking about being the individual that actually negotiates with the lender to get the homeowner out of the foreclosure status. But i've seen some investors offer this service as a way to come across pre-foreclosure leads before other investors.
I've actually worked in a collections department at a mortgage company and someone from "Homesavers" was hired by one of our customers to help them "save" their home. They basically said that we need to defer their payments seven more months, and we basically told them "no." So I guess the homeowner didn't get what he paid for. I would imagine most lenders would react that way too. A lender can technically default a loan if they are one day late but they won't. I worked on accounts that were nine months late that still hadn't been foreclosed on.
I'm very sceptical of all these mitigation companies popping up. Some of the larger ones are with the Better Business Bureau and have no complaints, so I don't know...
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Alipate
7 Posts
Member Since: 05/11/2005
San Bruno, CA
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Posted: 12:54 on 06-24-2005
I joined a L.M. company as an associate agent and I've done 3 deals in the past 6 months. I would of done more but I haven't really been working it.
As an agent you just introduce the foreclosure prevention service to homeowners. Your commission is $1000 or the original mortgage payment, which ever is higher. Where I live the average mortgage payment is around $2000. If the homeowner wants to move forward with the service, the agent will then complete several forms and submit it to the company for processing. Upon acceptance, the company negotiates with the lender, not the agent.
Not all cases are accepted. I offer the Foreclosure Prevention service as a way to establish a relationship of trust with homeowners. They see that you're making an honest attempt to help them. When they don't qualify, they'll be receptive to what you offer. 
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Alipate
7 Posts
Member Since: 05/11/2005
San Bruno, CA
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Posted: 12:57 on 06-24-2005
One more thing, if the homeowner doesn't qualify, they get a full refund with my company. 
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ebola8779
1 Posts
Member Since: 11/09/2005
Hermosa Beach, CA
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Posted: 13:56 on 11-09-2005
There are a few loss mit companies out there that are legitimate companies. I used to work for one that helped about 50 people a week and made up to 75,000 a week. Although they made good money and the end of the day the still helped the homeowners save the house. Unfortunately there are a lot of scams out there that give companies like that a bad name.
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tlpanic
6 Posts
Member Since: 10/12/2004
Tempe, AZ
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Posted: 20:37 on 11-12-2005
Loss Mitigation services is a growing field. Unfortunately, the majority of the companies claiming to be able to actually get forebearance/loan modification/restructuring rarely have the insight nor the contacts to get them done. Having done over 1500 successful workouts I can tell you that these companies make it difficult to do business as a Loss Mit rep.
I've seen where some states are looking to enact anti-foreclosure avoidance legislation...will be interesting to see. With the new B/K laws in effect it could be beneficial to get into this field.
I built a company that specialized in this field. We used list companies and worked in 25 states around the country. I can tell you just about anything you want to know about this.
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tat
19 Posts
Member Since: 01/21/2003
Silverlake, WA
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Posted: 00:38 on 11-13-2005
Hi tlpanic,
How can I get ahold of you?
Thanks
[ Edited by tat on Date 11/13/2005 ]
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maverickstar
45 Posts
Member Since: 10/10/2003
Spring Valley, CA
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Posted: 21:23 on 11-14-2005
I got a job offer from a Loss Mitigation company. They have hundreds of leads. I am watching this one very closely. They have upfront fees if you want to belong to their organization. There are companies how there that do the loss mitigation services for the lender. There are reputable. maverickstar
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toobizee
232 Posts
Member Since: 02/10/2004
Belleair, FL
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Posted: 16:06 on 11-15-2005
maverickstar
what side of the fence do you work - your job is with a company that represents lenders?
I have recently been negotiating work outs for homeowners and sometimes wind up buying the property. I always go in trying to help them save their house first though.
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BLACKTHOTZ
19 Posts
Member Since: 06/26/2004
Greenville, NC
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Posted: 10:39 on 12-09-2005
I would like more information on this as well. I see some of you posted that you have been working in this for a while, but did not provide any names of the reputable companies that are providing this service. I would appreciate a couple of the names. Thanks guys.
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