Here’s my question. I’d really like to know a program that’s fair to the customer (someone losing their home) and reasonably priced to the entrepreneur. If you’re out there, please let me know.
I see all these business opportunity ads telling me they’re going to help me get rich helping people keep from getting evicted from their home.
Is even one of these things legitimate? I haven’t found one yet.
Here are the “options” I’ve seen presented under this title.
1. Real estate sharks finding people about to get evicited and offering to “save their credit” by helping them move some place they can afford, throwing them a few bucks and having them sell their house at a low ball price. Legal. Ethical? That’s questionable. For some people it might really be the best option.
2. More real estate sharks offering to buy your home and “lease it back” to you at a hefty profit of course if not the outright theft of your home in some reported cases. This is questionable legally and ethically. The legality depends how the transaction is handled I suppose.
3. Home based “loss mitigation” people. They know most people have some money they haven’t paid or that has been returned so they take this as their fee using legitimate (I hope) loss mitigation techniques. It still seems a bit predatory. The folks I’ve known who were this far down could not have managed to scape up anything I’d consider a decent fee for all the work involved. I’ve also seen something that let you charge your own fee, but the price to learn about loss mitigation was sky high.
I know a man who did loss mitigation for free as part of his job. (If people are able to start paying again, sometimes, they can add up to 3 payments on the end of their mortgage as long as they’ve only missed 3 payments and keep the mortgage company informed.) He didn’t know anybody he’d helped who had a cent to pay for a fee to a “professional”.
The only legitimate nationwide organization I’m aware of that’s helping people avoid foreclosure is not a business opportunity. It’s an organization funded by mortgage lenders actually. it’s HomeSaversUSA.com. If you’re about to lose your home, i suggest you contact them.
If you’re aware of one, I’d like to know.
Note: for a legitimate way to make money at home and to learn how to create your own income streams without ripping people off, check out this article.
Betsy on December 19th, 2006 at 10:43 pm
Yes there are legitimate foreclosure prevention opportunities. After doing extensive research on foreclosure prevention, I joined Freedom Foreclosure Prevention Services(FFPS). I liked the fact that I would get professional websites that were no additional cost to help me run my business. While I did want to learn how to negotiate with the lenders, I was glad to learn that FFPS had a loss mitigation department that would be doing all the negotiations with the lenders. That made me feel more comfortable in marketing to homeowners in trouble. I also liked the ongoing training that is provided. If someone is in need of my services, then my website is. If someone is interested in joining the business, then .
Chuck on December 20th, 2006 at 7:14 am
Betsy, Thanks for your comment. I’ve deleted your links because they simply don’t pass the smell test for me. When the “opportunity” site has a domain name of a dollar amount and sounds like a carnival sideshow barker instead of a professional, I just don’t have a high opinion of it.
When you tell me that you really don’t have to learn anything about loss mitigation and that the company does everything and that the company tells people they can earn $10,000 per month without knowing anything, that’s creating a situation where financially vulnerable people could be told anything to get their money. Does that sound legitimate?
Donna on January 28th, 2007 at 6:17 pm
You should take a look inside. There is more than meets the eye. Now that you are past the fluff tell me what you think. You learn an awful lot on the contrary. Not having any experience in the real estate industry, I have learned more than I would taking a couple college cources. FFPS really is a great company and has a standard of ethics that is almost unknown these days. I welcome you to visit my site and give me a call with any questions at all. My number is on the site.
Todd on March 22nd, 2007 at 3:29 pm
Okay Chuck, so you don’t like their website or their particular way of advertising. But I am looking for the truth of the situation, what FFPS is really all about before I consider jumping on board. Do you have anything solid for me to go on with this company, any negative comments from those who have worked with them, any BBB complaints? I haven’t found anything yet, but would love to know NOW if they are indeed out there. I’m not a fan of throwing money away; I am a fan of helping people, feeling good about it and making a living while doing it. If I can do that with FFPS, then I want to know.
Thanks.
Chuck on March 22nd, 2007 at 5:55 pm
Todd,
Do unto others as you would have them do unto you.
I haven’t really found a happy medium between the non profit homesaversusa.com and a reasonable fee based situation.
I’m open to hearing more.
David on April 26th, 2008 at 2:52 pm
I wanted to share my experience with the loss mitigation profession. I worked in the loss mitigation and loss prevention fields for over 24 years, with a number of large mortgage companies. The last 8 years as a loss mitigation compliance manager. I stopped working for Chase in 2006, and started my own loss mitigation practice in late 2006. I signed up with American Loss Mitigation Consortium, Inc in Virginia, more specifically because of Dan Schultz. I knew him on a professional level, when he was hired by the mortgage company I worked for as a consultant, to help us setup our loss mitigation department’s compliance policies in 1998.
I have done very well and if anyone is looking to start or add loss mitigation services and be part of a legitimate loss mitigation support group, I urge all finance and real estate professionals to check-out Mr. Dan Schultz and the American Loss Mitigation Consortium for their loss mitigation training and underwriting needs. I will note the organization only allows those whom have prior experience in; mortgage, finance, real estate, legal, accounting or related fields. It does not have any investment components or MLM schemes, like above. Save your money on books and opportunity schemes, it is just unbelievable what is going on out in the market.
Thank you for allowing me the time to give my experience in the Loss Mitigation field and I look forward to being a productive member of this forum.
David C.
DC Metro Area
Lenoire on July 21st, 2011 at 8:35 pm
Hello, my name is Lenoire and I am looking for a business opportunity. I worked for a HUD approved non profit organization for little less than a year. During that time I was certified in foreclosure prevention/loss mitigation and have helped numerous clients retain possession of their homes using HAMP and other alteratives the servicers offered to foreclosure. I negotiated with the negotiators and private investors and had an 98% success rate. HUD cut 88 million in funding and that left me without the ability to become Housing
Counselor, but I am a Foreclosure Prevention Counselor and need to know how much to charge a client needing my assistance. I know how much work goes into it because I have been tirelessly on the front lines fighting for homeowners to keep their homes some of which they have owned 22 years. I enjoyed my job and now want to do it for myself. But I need direction where do I go to get this direction to start my homebased business. If there is anyone out there that can tell me whats the rate to charge my clients, please let me know.