Does anyone know how to do loss mitigation process? I was wondering if we need to go to some institute to learn those stuff ? I am a loan agent, I thought this may be an extra tool for me to deal with the borrowers who can’t qualify by any lenders has one or two late on payments.
any forms needed and where can I get it from?
thanks for your advice
just do a search or read on the subject on this site (i just foudn out about this site a few minutes ago (this is my second post)), theres tons out there on it. the basic components of it is a homeowner in default with the lender, and usually involves a third party to come in and buy the home from the homeowner for a lessor amount than owed, and you work with the loss mitigation dept to negotiate the sale price. the basic stuff is hardship letters, net sheets, a release of information doc (so that you can talk to the bank- without that they won’t talk to you). then its up to you if you want to get supporting documentation (comps, etc) for your low offer, pics of repairs needed, etc. They will probably require a bpo or appraisal and you’ll want to be there to exploit the problems to that person. thats a crash course.
Thanks, but short sale is the last step of the LM process. Home owners may be qualified for the pay plan program from lender( I heard it is government program) for home owners to keep the house still in their financial hardship moment. if HO can be qualified in that program then ss will not happen. we will get pay for that service usually is one monthly payment amount.
The reason I posted the question cause I want to know if there is something I don’t know in loss mitigation program, or something I can pick quickly later on by doing it, to void spenidng money to learn in the crash classes.
please advice…
I strongly advise investing the time to listening to this clip:
http://www.flippinghomes.com/community/case_studies/readcasestudy.aspx?artid=64