After 10 years in default servicing anyone telling you that you can do loss mitigation by taking a web based courses if full of crap! Unless you are 1 of of 100 you will simply not posses the skills needed to convince an institutional loss mitigator or loan workout officer that your client deserves a break. The lenders will simply use you as a means to gather information about your client. Simply said to assist them in nailing the door shut!
Loss mitigation is serious business, most of the upper managers at any major lender have gone to what is termed credit school and are defined as credit trained personel. These web based training outfits will not pass their final tests. These managers are trained in credit risk analysis of asset backed securities. They can take a glance at your clients financials and tell wether or not things add up. If things do not add up then your client is doomed from future attempts or at least will have an up hill battle.
Agents save your money, do not pay for this junk. Agents should do what agents do best, sell homes. If a client needs a person qualified to do loss mitigation refer them to a lawyer who practices in either creditors rights or bankruptcy. And no I'm not saying that people should file bankruptcy just that bankruptcy lawyers specialize in debtors rights and most of the good one, not the advertising kind, do loss mitigation all of the time to keep their clients out of bankruptcy only using the B word as a last resort. Take my word when a lender gets a letter or call from a bankruptcy or creditors rights lawyer concerning an account they take the call and the workout goes much faster.
Yes it may cost you client more $$$, but more $$$ is little if their home can be saved. This versus the uneducated loss mitigator who started last week was educated from the web and who will quit in 6 months when they have made little to no $$$.
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