The Biggest Advantage to Having Your Own Loss Mitigation Company

Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateJan 14th, 2010 | 2 responses

On this week’s Friday Coffee Break we cover one of the biggest questions that any real estate short sale investor has when deciding how to set up their business. Questions like: Do I set up a separate loss mitigation company to negotiate with lenders and Do I put my short sale offer into the lender with my personal name on it, etc, etc. Listen in as we also cover, what Freddie Mac’s short sale timelines are in non-judicial states, what to do with rents when the seller is in foreclosure so you don’t commit fraud, why managing seller expectations is our responsibility and much, much more!  Check out the rest of our educational real estate videos on www.FridayCoffeeBreak.com and visit www.ManageMyShortSale.com to take advantage of the best online short sale management tool available.

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2 Responses to “The Biggest Advantage to Having Your Own Loss Mitigation Company”

1. matt says:

   January 20, 2010 at 12:45 pm

   Hi Pat,

   A while back, you were on a call with Jason Medley, during which you shared your method for getting an FHA buyer deal closed within 1-15 days after you signed the B/C contract. I believe you did some upfront work with their lender and possibly had the buyer sign a letter of intent. This all went buy pretty fast and I was unable to catch all that you were doing. Now that FHA has waived the 90 day rule, would you be open to sharing what you do to get the FHA loan origination and closing process expedited?

   Thanks, Matt

   Reply
2. Jonathan says:

   January 20, 2010 at 3:59 pm

   Hi Pat,
   Comment/question on the condition of the seller, if the seller has assets, the bank will likely come after the assets up to the amount of the judgement in the shortsale. Is this true?
   The hardship letter would not have much of an affect in this situation, correct?
   So if the person inquiring about a SS can make payments, should he continue or should he stop payments and let the property go either in a shortsale or to foreclosure?

   Reply

About Me

Patrick Precourt is one of the most successful preforeclosure investors in the Northeast and across the nation. He started in the preforeclosure business in the late 90’s. In 2002, he founded North Shore Enterprises, a professional real estate investment company specializing in preforeclosure and short sales. Since then his team has completed well over 500 short sales and will pass the 600 mark in 2009.