What You Do Prior To Speaking To The Loss Mitigator
First of all, we need to collect some information prior to speaking to the mitigator. This is called collecting intelligence. We collect this information from customer service because they will give us sensitive information that may be withheld by the mitigator. We need to find out what’s happening with the file and the lender and we do that with a very specific list of questions to ask.
We are collecting information first, and testing resistance all along the way. Simultaneously, we are determining the experience level of the Mitigator. We need to be equipped with substantial information to make an intelligent offer based on the interior BPO and we make an offer based on what we want to net. Then we go back and we make the BPO parallel the acceptance we need based on the loan product.
A strategic short sale investor is going to make an offer based on the careful examination of several controlling variables: The debtor, the mitigator, bank policies, property characteristics, and the BPO. No, that doesn’t mean that you’ve got to know the ins and outs of all of that, but there are some commonalities inside and out. This is going to be easy for you to get and you’re going to find out that short sales are actually really simple.
The battle is won by collecting intelligence. We collect the information from customer service because we get straight answers we may not get by speaking to the loss mitigation department. By the time we speak to the mitigator we will have a good understanding as to what their goals and agenda are. The reward could be a hundred thousand dollar check.
Finally, just as the homeowner is going to get moved from wanting to save their house, the mitigator must need to be nudged from loan work out to loan discount.
Prior to talking to the Mitigator, we always contact Customer Service because the information that you need to be successful in negotiating with the file must be collected from two sources in the bank. Number one, customer service. Number two, the mitigation personnel. Customer service is going to be able to provide the supporting documentation that you need to build an intelligent offer to the mitigator.
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