I was trying to do some recon for another agent when I came across a post from this site. The guy was right on about loss mitigation. I have added his general idea as well as my comments below. Great website and I am glad to be a part of it!
He was a loss mitigator for 10 years commenting on the fly by night web companies charging fees for negotiating on behalf of defaulted borrowers and it being a waste of money with no guarantee of success.
My Reply: You are so right on. These folks have got to realize you can't mitigate a loss that was based on fraud to begin with. I don't think the Fed should bail anyone out either. The folks who just hit hard times WILL make it through the system (without these web predators) and the others living beyond their means trying to Surpass the Jones', should have to reap what they sow. Shame on the unscrupulous mortgage lenders that perpetuated this to begin with. LIBOR's and MTA's were never designed for the wage earner EVER! They are sophisticated lending tools for large loans where folks have discretionary income to afford a bump in payment. Part of why I switched from lending to real estate was the legislators didn't want to hear about our attempts to create loan officer accountability to be more in line with the compliance that a stock broker goes through. I predicted this on my radio show 4 years ago. I could not work in a field where Fradulent Documents R Us was run off my copy machine. Ugh. Hopefully the tough times will send these fly-by-night lenders and real estate agents back under the rocks they crawled out of.
The program I created and featured on my show Unlock Your Wealth(R) with Heather Quintero, shows you how to build wealth by understanding what the REAL underwriting guidelines are and the appropriate ways (non-fraudulent) to put your finances and credit in order so an underwriter will love to lend you money. But you have to check your head first and know that you must decide whether keeping up with the Jones' on the outside appearances is more important than growing wealth and BEING the Jones' for real. You can leverage your loafers or create financial independence but they won't occur at the same time. Mortgage lenders are beginning to realize they can't let folks get away with these high debt ratios. After my honeymoon I will be returning to the airwaves with Unlock Your Wealth(R) Radio and these types of items are great fodder for the listening audience.
Ciao For Now!