Let's face it - it's tough to make a buck in the mortgage business right now. Property values are down, underwriting guidelines are tight, and the number of home sales are down (at least in my area).
Having a need to feed and shelter a wife and seven kids, I thought to myself,"Who needs the help of a person with my skills?" Like everyone else, I have been reading about all of the foreclosures happening. Because of this huge problem, I thought that these are the homeowners that need help right now.
I began to do research on loss mitigation and loan modifications. After performing my due diligence, I decided to affiliate mself with Freedom Foreclosure Prevention Services (FFPS).
I chose this company for several reasons. First, in their contract with the homeowner, they offer a 100% money-back guarantee if they cannot obtain a solution to the homeowner's mortgage default or pending foreclosure. This guarantee is important to me because I do not want to be in the position of asking a homeowner to pay for non-service, especially when they are financially hurting.
The second reason I chose this company was because I do not touch any money. In California, the deposit from the homeowner is placed into an escrow account. I do not want the liability incurred when funds are placed in my hands.
The third reason I chose FFPS was because the deposit from the homeowner is not collected until the mitigation department confirms that the homeowner has a mitigatable case. Time is important to everyone involved - I don't want to waste mine or anyone else's if there is no chance of achieving a good solution.
I am on a learning curve right now, but so far I have had a good experience. I have my first client in with a deposit and moving forward with the mitigation process. I will report back when I have some results!
Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me
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