Tips For Generating Loss Mitigation Leads
Lets Take a Look at how Loss Mitigation Leads pertain to The 2009 Stimulus Package
$75 billion is available to curb the foreclosure crisis and revamp the now sullied ideal of homeownership. Many high debt consumers are unaware and falling deeper into problems while others are missing out on the $8K tax credit designed for new home buyers and written with a provision to forgo repayment. All of this financial stimulus has left banks and lenders overwhelmed. Loan reps may have hundreds of case files on the desktop at any given time.
The Need for Third Party Negotiators
A neutral third party has become necessary to pick up the slack and negotiate with lenders so that loss mitigation solutions won't necessarily go in the banks favor. A negotiator can assist borrowers into rational not emotional moves and lenders are more affable as they prefer working with someone who has industry experience.
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Marketing Lead Lists are an easy call these days, billions of ballooning ARM's are looking at 30% to 50% increases. Thanks to the stimulus plan a delinquency is not a prerequisite to a modified loan and borrowers turned down in the past can under the plan have their loan modified, the problem is getting the word out.
Everyone knows someone who has been affected financially by job loss, teaser interest rates, stock market manipulation, price increases, out-sourcing, predatory lending, etc, Leads are everywhere in every stage of loan quandary. Thishas all created an oppertunity to creat rock solid debt leads
Neutral Third Party Loss Mit Negotiators and Lead Generation
Examining Neutral Third Party Loss Mit Negotiators and Their Leads have become a most valuable asset in light of the bank surge, the primary skill set includes:
- Being able to evaluate the loss mitigation lead situation .
- Being familiar with various lenders and requirements.
- Knowing how to mitigate or lessen the losses for all parties.
- Having a working knowledge of local and state guidelines for fha, va, loan modification, lease aways, partial claims, deed in lieu of foreclosure, refinancing, forebearance, and short sales.
- Knowing who to approach at the financial institution.
- Knowing the difference between the bank or lender's policy and the law..
- Being familiar with underwriting guidelines.
- Demonstrating the ability to work within a redemption period.
- Showing that they are detail oriented and very organized.
Bank Loss Mit Departments and Current Foreclosure Figures
Mortgage loan borrowers have been around to see banks fall and the government step in to lend a hand. They may not be aware of the fact that should there be a problem with their installments coming due they can call their bank or lender (hopefully the same one that originated the mortgage) for assistance.
But what happens when they call for solutions in a possible default situation is frightening. The person that takes the call regarding one of the most important purchases in life, will speak for a maximum of 6 minutes, not that they don't want to talk on the phone, they are typically still teenagers, recent high school graduates. Their responsibilities now include taking care of a mortgage loan from repayment plans to loss mitigation. The turnover rate for this demanding job is very high, which leads the way to shuffled case loads, lost documents and mishandled time.
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This is the information that loss mitigation leads should have but don't, foreclosure is a serious risk for people without representation, attempting to work with the lenders. If you are a neutral third party negotiator for loss mitigation give us a call we can help with the selection of loss mitigation leads by keeping to your program guidelines, be sure to ask about new home buyer prospect lists and a free mail quote.
Loss Mitigation Leads : High Debt Consumers