I was wondering if any of you have ever tried to help the home owner save there house by negotiating with lost mitigation for them. Or if you have seen a course for this type of help that is worth the money, I have a couple now that are behind and have there first notice. There problem is solved that put them behind but they need help talking to the lender. I have no problem talking about a short sale but that is not what they really need. They have gone to credit counseling but they are not being of much help on the mortgage.
Any advice would be appreciated.
Thanks Keith
Keith,
Get an auth. to release info and talk to the workout dept/loss mit dept and see if you can try to get a forebearance or loan modification worked out for them. If you are looking to help them great, if they ever go into foreclosure again, they will more than likely call you for help and that may be the time for a ss. I know there are people that charge for this type of help. fee, not sure how you would set that up.
Good luck,
boricua
Thanks for the reply! I went ahead and gave it a go with lost mitigation and got the home owner and them talking with a little mediation on my part. Good news is they got it worked out and get to keep there home. I feel good about that, even though my only payment was a hand shake and a hug from that deal. BUT word of mouth has paid big time, I had their realtor and broker call me and wanted to work with me because they did not feel like I was out to rip any one off. So turns out to be a great investment after all. I guess you get what you give! Received 3 referrals from broker yesterday 2 look really good.
Thanks again
Keith
Wainvestor,
Could you further explain the situation you mentioned…were the owners behind on their payments or did they catch up? What was the deal that the bank worked out with them?
Please let me know… I’m in a situation where a borrower is 2months behind payment, and I’m exploring all options available… thanks.
The people had a family problem that they chose to use there money on. They missed 6 payments. They got back on even ground with there income and caught up the smaller bills but did not have the money to catch up the 6 payments nor the penalties. I have made it a practice to have the home owners write out all there bills and any other expenditure they have. I always use that in the SS package. When I saw there income and out go they had money to make payments. They just needed some guidance. I talked to the loss mitigation department and planted the idea of the back payments and penalties being added to the end of the loan. The bank and the owners worked the rest out on there own. The banks said they must have something showing that the owners were going to credit counseling and had a long term plan to keep that up until they had a handle on there budget. Once they had that and all the information the credit counseling people gave them the bank agreed to the terms and reinstated the loan.
Bank was CW. Most folks I run into when they write out what they have to spend and show all the collection notices and liens they have made a lot of my case for me. When they say they are heading toward bankrupt the lender believes them. With this one I did not believe them much less trying to convince the bank .
Keith