COMPREHENSIVE LOSS MITIGATION SERVICES
LMCSM, LLC.
Bloomfield Hills, MI 48301
ph: 248-505-2509
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- WHAT IS LOSS MITIGATION?
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LMCSM BROCHURE
Summary of Loss Mitigation Process
1. Initial consultation should include review of:
a. Pay stubs
b. Bank Statements
c. Tax Returns
d. Mortgage statements
e. Loan Application(s)
f. Summary of monthly expenses (budget)
g. Listing agreement, market analysis and offer, if applicable
2. Determine whether borrower has a hardship and would like to pursue a particular course of action, and what that action would be. Do they want to pay for assistance?
3. Arrange to obtain signed contract, borrowers authorizations, underlying documents, retainer, etc.
4. Contact to lender to obtain appropriate phone numbers for faxing in authorizations and hardship packages. 5. Begin negotiation process.
WHAT DISTINGUISHES US FROM SOME OF OUR COMPETITORS
There are many individuals holding themselves out to be Loss Mitigation Consultants. However, most of these individuals have no real credentials, and are affiliated with national companies. The role of these consultants is to bring the clients into the system. Once an application has been completed and documents collected, the national company takes over, and the consultant receives a commission. Many of these companies charge a large upfront fee ($2,500 and up) based on the amount of the clients mortgage payment. Since the companies are national in scope, they have no true understanding of our Michigan real estate market. They also have no real relationships with real estate agents, attorneys (bankruptcy and real estate), or title companies, in which to refer individuals.
My company came about as a result of many years spent as a legal assistant working in the area of real estate law. My practice, was primarily transactional, but also included foreclosure work, loan workouts, modifications, deeds-in-lieu of foreclosure, etc. I managed a title company, and also spent four (4) years assisting a developer with his real estate company, working directly with real estate agents on the developers sales.
The last eight years, I spent as a residential mortgage broker. I have originated both conforming and non-conforming mortgages.
There are also many former loan officers and real estate agents handling loan modifications and short sales. However, they may lack some practical and legal insight regarding the nuances of the SEVERAL ALTERNATIVES. Our purpose is to educate the client, so that whatever direction they chose, it is with foresight and some understanding of potential success. There are both short and long term implications to any choice made in the realm of "short sales" and other loan work out arrangements.
There are also HUD certified Loss Mitigation Consultants that are trained through HUD and work exclusively for non-profits. These individuals are pretty well skilled and experienced in the area of loss mitigation. The only drawback is getting people to ask for help from a non-profit agency. They are also very busy, and horribly understaffed. However, since they are associated with non-profits, the service is free. These services do not include assistance with Short Sales.
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LMCSM, LLC.
Bloomfield Hills, MI 48301
ph: 248-505-2509
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