Lost Mitigation Companies

I am looking to find any information on Lost Mitigation compaines.

thank you

Generally, Loss Mitigation is a department of the lender. Their job, as the name implies, is to look after the lenders security interest (and make investor’s lives hell…lol). This is the department that you would work with on a foreclosure for a reinstatement or forebearance plan. Do not confuse with the REO department, whose function is to market the property after the bank has taken possession of the home.

I know exactly what you are talking about howver there are companies out there who act independently from the lender department on behalf of the homeowner. Check out crscapital.com they offer affiliate programs

That’s exactly why I prefaced the comment with GENERALLY… :wink:

Ha…do you know of anymore companies.

There are at least as many loss mitigation companies as there are lenders…most lenders keep it in-house as a department. Wells Fargo, Countrywide, WAMU,Saxon…list goes on forever,

Ok let me try it this way… do you know of any other lost “mitigation companies”. You know the ones that act independently like I mentioned 2 posts ago or you don’t.

I’m sure there are a handful, maybe lots more. I’ve always dealt directly with in-house loss mit… Perhaps if you’d state your intentions of exactly what you want to find out about loss mitigation companies, we’ll be able to steer you in the right direction. Are you trying to locate REO/Foreclosure properties? Clarify what you’re looking for and I’m certain you’ll get it from the board.

hi g…I think you are talking about the Loss Mitigation Consultants that specialize in foreclosure mediation. Home Rescues (http://www.homerescues.com/), Creative Home Savers (http://www.creativehomesavers.com/) and US Home Savers (http://www.ushomesavers.com/) are examples of such companies.

Basically they deal with the departments in companies that David mentioned above to get a workout or short sale. Honestly a homeowner can do this themselves, but if they want someone to advocate on their behalf they can hire a company like this to go to bat for them with the lender and get a workout.

Many companies have “career packages” or “opportunity” packages available where you can start your own LM business. There are also courses on the topic that you can get for a bit cheaper. There’s an e-course on www.lossmitigator.com available for about $50.

Hope this is what you were looking for…d

That is excellent information. I was looking for this information also and totally missed the $47.00 option. My southern baptist guilt was preventing me from taking advantage of people in foreclosure. When I read about the Loss Mitigation aspect of the business. A light went on and I have been looking for some good training/information on this s ubject.

Wasn’t willing to spend 900.00 for it but $47.00 to 197 sounds reasonable… So thanks again

That part appealed to me too. I know that anyone can fall upon hard times and, self-imposed or not, no one deserves to be taken advantage of. I know that in foreclosure situations people stand to lose their homes anyway, but I like the idea of having an additional option to offer.

Where do you live? I live in Sacramento California

Hi Gina…I live in a southeast suburb of Illinois, just outside Chicago and a few blocks from the Illiana State lines…d

I recently have been negotiating a short sale on a mortgage with a lender called Netbank. Once borrowers are 90 days past due they send it to an independant loss mitigation company called First American Loss Mitigation. From my limited experience they were completely unable to negotiate what so ever.

I was inquiring about the possibility of a short sale and they told me that I could submit an offer through them and they would then submit the offer package to the lender. I asked them for guidance they weren’t able to give me any, I asked them for payoff to bring the loan current they weren’t able to give it to me. They basically told me they were strictly the middle man.

I ended up going back to the lender’s los mit and speaking directly with them. I was able to get to the decision maker, spoke to her about guidance on the offer, an amount to bring the loan current, and even advice on acceptable options for the borrower.

In cases like this, do we still need to get the owner’s permission to discuss the note & work out a deal with the bank/mitigation representative?

Yes. Through an Authorization to Release Information signed by the owner.

Ok. Thanks.

I stumbled on this posting, I am answering it late, but I do not believe anyone answered the first posters question?

I am an attorney, and I have investigated all the loss mitigation companies and how they started and found out most of them do not have enough or any loss mitigation experience and simply are MLM and have, they just sell the opportunity, and many form conflicts of interest issues that prevented me and other legitimate professionals from joining. There is a company called American Loss Mitigation Consortium that is run by a 21 year old veteran of loss mitigation.

I did my due diligence and found out that most all of these other companies have some sort of direct or indirect connection with this man (Dan Schultz). He still run a private practice and trains counselors, more professional in nature, meaning he only trains those of us that have back grounds in real estate.

I would highly recommend them, and my firm had also joined up with them. I have had a great year in loss mitigation, joined about a year ago. There is a program deposit I paid of $450, but it was refunded after I completed my 4th case, and I get free support, web site, hosting continuing education by the government and no recurring fees and they have a real lead system, no cold calling.

This company is straight forward, very ethical, is the real deal. Good luck to all, their web site is www.lossmitigationopportunities.com

They also have a pretty good lead generation site: www.almahelp.com

Mr. Schultz has a number of articles on the subject and news reports. I googled loss mitigation articles by Dan Schultz. I hope this information helps those looking into an ethical track into loss mitigation.