Secret to Success in Loss Mitigation

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Everyone thinks there is a “secret” to getting Modifications approved. The truth is there is none. It is hard work and requires experience in multiple fields.

  1. You must understand mortgages inside and out.
    1. How to Calculate Income
    2. How to Calculate LTV
    3. Determine Investor on Loan
    4. How to apply proper guidelines
    5. You must be a good interviewer, to get the truth from clients
    6. You must set realistic expectations for clients
    7. You must understand how to read credit reports
    8. You must understand tax returns
    9. You must have an understanding of Bankruptcy Laws as a fall back
  2. You must have experience valuating properties, specific to servicers.
  3. You must stay current with established guidelines.
  4. You must stay on top lender trends.
  5. You must understand judicial process.

Sorry, there is a “secret”! You must care!