Loss Mitigation Dept.
As part of my research on short sales
I am hoping to speak to an amiable officer from a loss mitigation dept.
Can anyone refer one to me. These are just general questions on procedure.
Thanks
Niceguy
Why are you looking to speak to a loss mitigations rep before you even have a short sale to discuss?
Why am i asking to speak to a short sale
officer before I embark on a short sale?
For two reasons
1 I have something I am trying to clear up
2. I want to know what to expect if and when I attempt a short sale.
Before one builds a house one first determines if he has the stuff to finish the job right?
I'm trying to do the same thing to decide if I can make it at short selling
Niceguy
A better strategy might be to talk to those of us who have attempted short sales and ask us any specific questions you may have.
I don't know any loss mitigation reps well enough that I'd even feel comfortable to take out to coffee.
Maybe the SSPro does since he has literally written the book on this type of thing.
Niceguy,
While a Loss Mit Rep may be able to answer some of your questions, he cannot give you a formula that you can use with other Loss Mit Reps. Every Rep is different, as every lender. I understand what you are trying to do, but it won't work, and it is taking your focus off of what you really need to do - and that is find someone who needs your help. When you have found someone in trouble, get the Auth to Release, do what you learned in whoever's course has taught you to do, work with the Loss Mit Rep who can help you through the process, and ask us questions here.
You didn't learn to ride a bike by talking to a cyclist. You didn't learn to swim by talking to a swimmer. You did both of those things by doing. The same is true with every aspect of Real Estate Investing. Build your team, and your support structure, and learn from them while you are doing.
-- Good luck.
Good points
I will do that
But there are some things you can learn about swimming talking to a swimmer about swimming. I think a person should
both do and talk about doing to be best equipped
[ Edited by Niceguy1 on Date 08/13/2004 ][ Edited by Niceguy1 on Date 08/13/2004 ]
I agree. That is why I pointed out that your Loss Mit Rep would be a good resource to teach you as well as those of us on the boards when you have a deal. The problem is that right now, you don't know what you don't know. And you won't find that out until you are in a deal.
True: I can't plan for every contingincy
but I can do my homework and minimize the risk. Reading these post and talking to others outside of this forum has helped I hope to do that
Niceguy, I think what you are doing is good. In my opinion you can't expect to sell a cake unless you can learn to make the best darn cake out there.
There's ton's of people in default and finding them is easier than knowing what to do or say when you sit with them.
In my opinion the first thing you need to decide is if you plan on starting a for profit, a non profit, or if you will work within an already established envirnment.
See, as a for profit you can charge the homeowner as much as 1 months mortgage payment. As a non profit you may be able to qualify for grant money after you first become recognized by HUD. As a for profit though you have to be willing to still help the homeowner using a slinding scale, or provide free service if they can not pay at all.
If you continued to seek an answer to your original questions, you might find that it would be better for you to get hired by a non profit or for profit to learn the system better. Look at it as schooling. Once you have the schooling you then can decide to go it on your own by becoming an affilite, or franchisee, or a new start up.
Sincerely,
Edward Nolan
www.NoticeOfDefaults.com
Hi, i just got back from a investors meeting were Jeff Collair (could be wrong spelling) spoke, he short sales really high end properties that are in default. he has actually befreinded three loss mit. workers who now work with him and have told him basically everything criteria that the bank uses when acepting a short sale, so he puts toghether a pakage thats very likely to be accepted. the loss mit. people are going to be their this saturday so hopefully i can pick their brains after the meeting. just some insight. hope this helps. Jeb.
Let us know
give me a couple of really specific questions that you would like them to answer and i will ask and then post em if you want. take your time to come up with a couple good ones, im not going till saturday. Jeb
[quote]
On 2004-08-17 20:24, ZinOrganization wrote:
"Hi, i just got back from a investors meeting were Jeff Collair has actually befreinded three loss mit. workers who now work with him and have told him basically everything criteria that the bank uses when acepting a short sale"
Jeb
Here is a question:
Will these loss mit reps deal with someone(third party) who aquires the deed before any shortsell negotiations have begun? How do the loss mit workers feel about the aforementioned ?
I wonder if loss mit reps here in California are different? Just thinking out loud
i will definetly ask them, and post the answers, if you have any more let me know. thanx Jeb.
OK Thanks