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lscalder
1031 Posts |
 Posted - 05/16/2008 : 08:11:39 AM
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Whenever I needed help in the Mortgage industry, I always turn to brokeroutpost.
You guys are always helpful.
I started a Loss Mitigation Company. I know their are plenty of people out there who need my company help. I am now thinking of new ways to reach out to these people who need our help.
I have pay per click ads,website,my ad is on Craigslist and other Bankrupcy forums. As of next week, I will advertise in local newspaper.
I need brokeroutpost advertising advise.
Do you guys think it might help my company if we speak to different Real Estate Agent Offices.
Adverising advise please
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jpar994
779 Posts |
Posted - 05/16/2008 : 08:22:45 AM
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I hope you are a real estate lawyer or a have alawyer on your side. These Loss mitigation companies are holding a lot of risk because people are performing negotiations with out legal aide
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lscalder
1031 Posts |
Posted - 05/16/2008 : 08:30:28 AM
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What? You do not need a Lawyer. What you need is to make sure the diclosures the clients are signing are not misleading the same as a Loan Officer. A loss Mitigation Company is a third party same as a Loan Officer. We can only do what the Bank allows.
The same goes for a Lawyer. A lawyer can not negotiate with the client lender unless the Bank is willing to negotiate. THe Bank holds the power not a lawyer or the loss Mitigation Company.
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khoiey
1309 Posts |
Posted - 05/16/2008 : 09:39:15 AM
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When giving Real estate advices and negotiate without having Bar, you are prone to open a whole can of law suit. It's a sueing country.
quote:
Originally posted by lscalder
What? You do not need a Lawyer. What you need is to make sure the diclosures the clients are signing are not misleading the same as a Loan Officer. A loss Mitigation Company is a third party same as a Loan Officer. We can only do what the Bank allows.
The same goes for a Lawyer. A lawyer can not negotiate with the client lender unless the Bank is willing to negotiate. THe Bank holds the power not a lawyer or the loss Mitigation Company.
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lscalder
1031 Posts |
Posted - 05/16/2008 : 10:23:29 AM
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Say goes for Loan Officers. I guess every industry in America needs a Law degree. Majority of Real Estate Agents,Loan Officers,Broker,Indusance agents all negotiate and do not have Real Estate license. Every industry is open to law suite what is the point of your statement?
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Sign Bandit
42 Posts |
Posted - 05/16/2008 : 10:50:35 AM
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| If you want to shoot me an email, I'll send you some ideas for business. |
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1stintegritymort
1289 Posts |
Posted - 05/16/2008 : 11:02:18 AM
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quote:
Originally posted by lscalder
Say goes for Loan Officers. I guess every industry in America needs a Law degree. Majority of Real Estate Agents,Loan Officers,Broker,Indusance agents all negotiate and do not have Real Estate license. Every industry is open to law suite what is the point of your statement?
if you manage to get any clients to assist with their loan modification, i hope for your clients sake that you do not write any correspodence with the servicer's loss mitigation department. if you do, atleast you might want to try using a spell check and grammar check. you also might want to consult with an attorney before you start any new business. and then that way, if you do get sued, you will have someone who will defend you when you take someone's money and can't get the modification to go through.
gud luk wit ur knew ventur i hop ite workz outt |
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kalee3415
190 Posts |
Posted - 05/16/2008 : 11:21:51 AM
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So how do you get paid? LO's don't get paid unless it closes. As you only going to get paid if you are successful? If you are requiring upfront fees what are they? If someone cannot afford their mortgage how can they afford you? What services will you be performing?
There is a lot of laws in place for LO's. You are more open to suit because their is not a great deal of protection or guidelines for this.
I have no idea what kind of an LO you were, but I personally am disgusted by those who had no quam about putting people in places they couldn't afford or had no issue committing fraud and are now jumping on this side of it trying to make another ton of money. Not saying it is you, but who knows. I can't help but be suspicious of someone going into this profession with no attorney or professional backing. Too many people are doing it to get paid and not because they care. Heck, what I have seen is that many will do a loan modification once the borrower gets seriously delinquent without even recieving a request. What are you doing for your clients?
quote:
Originally posted by lscalder
What? You do not need a Lawyer. What you need is to make sure the diclosures the clients are signing are not misleading the same as a Loan Officer. A loss Mitigation Company is a third party same as a Loan Officer. We can only do what the Bank allows.
The same goes for a Lawyer. A lawyer can not negotiate with the client lender unless the Bank is willing to negotiate. THe Bank holds the power not a lawyer or the loss Mitigation Company.
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khoiey
1309 Posts |
Posted - 05/16/2008 : 11:30:34 AM
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I dont' give RE advices lol... You have to be a Relitter for that or RE attorney. All All I'm just saying... be careful when you advise consumers. You are giving advice to clients and negotiate on their behalf (can be classified as legal advice). As an LO, I can only give client my advice about loan programs within my job definition. Anything with title or RE sueing related topic, I tell them to consult with an attorney. IE, if I tell client my opinion about taxes, I tell them to consult with a tax accountant.
Ever heard of debt collection companies? It used to be everyone but now most companies have an in house attorneys to run the show.
quote:
Originally posted by lscalder
Say goes for Loan Officers. I guess every industry in America needs a Law degree. Majority of Real Estate Agents,Loan Officers,Broker,Indusance agents all negotiate and do not have Real Estate license. Every industry is open to law suite what is the point of your statement?
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neversaynever
1020 Posts |
Posted - 05/16/2008 : 1:00:45 PM
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| Asks for help at BO, then slams brokers. Yea business is going straight to the moon for him... |
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lscalder
1031 Posts |
Posted - 05/16/2008 : 1:02:56 PM
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So I guess clients can sue lawyers who take their clients money and they are still found guilty and still serve time.
When you go to an Attorney they do not make any promises same goes for a Loss Mitigation Company.
Same goes for a Loss Mitigation company.
Same goes for a Loan Officer/Realor/Appraiser. The list can go one and on.
A Loss Mitigation Company is a third party. All banks/Lenders offer different Loan Modification programs. We as a Loss Mitigation Company have to call the Lender first to find out what programs they offer clients who are facing foreclosure.
Our disclosure states Your Lender/bank makes all final judgements.
We are a third party. We are not your Lender/Bank but we will negotiate with your Lender within your Lender requirements/procedures.
I guess all Loan Officers need to obtain A law degree because Loan Officers do Negotiate for their clients with Lenders.
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epalafox
50 Posts |
Posted - 05/16/2008 : 1:08:18 PM
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| So what happens if the loan modification does not happen? How do you get paid? Just out of curiosity, not trying to be negative or anything... |
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WorldWideWayne
1958 Posts |
Posted - 05/16/2008 : 1:10:18 PM
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quote:
Originally posted by neversaynever
Asks for help at BO, then slams brokers. Yea business is going straight to the moon for him...
He asked for help then got slammed himself. This is the part of BO that makes me sick. Get off his back because of his spelling and grammer. He has an idea and would like some feedback. Unless you are going to type something constructive use your fingers for something else. |
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epalafox
50 Posts |
Posted - 05/16/2008 : 1:14:50 PM
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| I agree with you completely, If you dont have someting nice to say than dont say it at all... This does happen alot on BO... |
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neversaynever
1020 Posts |
Posted - 05/16/2008 : 1:16:20 PM
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| Yes, but don't blanketly slam LO's , |
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NobleHouse
278 Posts |
Posted - 05/16/2008 : 1:21:58 PM
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Everyone's in a bad mood today. That's a great idea. They're just saying be careful because of all the legalities involved. I do see alot of posters getting flamed for spelling and grammar. It's funny sometimes because someone will try to express all their knowledge in the industry and how they graduated got this degree etc. and my 13 yr old would laugh at their post. He has no idea what we're talking about but we have a good laugh. LEAVE neversaynever ALONE!! 
quote:
Originally posted by WorldWideWayne
quote:
Originally posted by neversaynever
Asks for help at BO, then slams brokers. Yea business is going straight to the moon for him...
He asked for help then got slammed himself. This is the part of BO that makes me sick. Get off his back because of his spelling and grammer. He has an idea and would like some feedback. Unless you are going to type something constructive use your fingers for something else.
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NobleHouse
278 Posts |
Posted - 05/16/2008 : 1:23:40 PM
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| LOL My mistake I meant to say LEAVE lscalder ALONE! |
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khoiey
1309 Posts |
Posted - 05/16/2008 : 2:40:29 PM
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Well, as lo, we sell lenders' products. If the loan goes bad, we get sued by lenders. If there is fraud, we get screwed.
As loss mitigation, you represent emotional distressed clients who are at their last resort. You don't represent lenders. If the clients feel you didn't deliver for whatever the reason, they will try to sue you anyway. "oh, you told me this can work but it didn't so I lost a great deal of time dealing with you instead of other solutions"... etc... I'm not bashing you or argueing with you, just hope you will see some legality issues with that setup. Try to partner up with an attorney or so and trust me, it will save you the hassle someday.
I used to double dipped in with debt settlement, well... let just say I stopped because something scared the sh*t out of me lol. |
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financeone
1201 Posts |
Posted - 05/16/2008 : 2:51:24 PM
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quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by lscalder
Say goes for Loan Officers. I guess every industry in America needs a Law degree. Majority of Real Estate Agents,Loan Officers,Broker,Indusance agents all negotiate and do not have Real Estate license. Every industry is open to law suite what is the point of your statement?
if you manage to get any clients to assist with their loan modification, i hope for your clients sake that you do not write any correspodence with the servicer's loss mitigation department. if you do, atleast you might want to try using a spell check and grammar check. you also might want to consult with an attorney before you start any new business. and then that way, if you do get sued, you will have someone who will defend you when you take someone's money and can't get the modification to go through.
gud luk wit ur knew ventur i hop ite workz outt
LOL |
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lscalder
1031 Posts |
Posted - 05/16/2008 : 3:15:46 PM
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The Loss Mitigation is not my first or will not be my last business.
Between my husband and I we have 2 successful business. So I do understand the Legal terms of running a business.
I was not asking for legal advise from Loan Officers. If I wanted any legal advise I already have lawyers who represent one of our company.
I was asking for markerting advise. My husband and I run two successful business so I do know how to run a company and when and why I might need to consult and Attorney. If I was seeking legal advise. I would not post on Brokeroutpost.
I do understand the legal aspect of running a lost mitigation company.
I did have my Attorney review all of the Company legal documents.
Now back to the original question, No I never asked for legal advise so please stop posting if you are not willing to answer my original question.
I am seeking different routes on how to advertise My Loss Mitigation Company. |
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Krishtian
72 Posts |
Posted - 05/16/2008 : 3:29:06 PM
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| I would start with all previous clientele we helped in the past and then work your way up. (They already know your name & company) Home owners all know some one in a bad situation and would probably be easier to target than commmercial advertising, versus alot of bogus calls. just my two sense.. good luck. |
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financeone
1201 Posts |
Posted - 05/16/2008 : 3:29:22 PM
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Good luck.
If it's advise you seek, so shall you get.
If it's markerting advise you seek, so shall you get.
If it's an Attorney you seek, so shall you get.
If it's English, with some correct syntax thrown in, you seek, ain't happening. |
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katroberts
1123 Posts |
Posted - 05/16/2008 : 3:36:53 PM
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quote:
Originally posted by financeone
Good luck.
If it's advise you seek, so shall you get.
If it's markerting advise you seek, so shall you get.
If it's an Attorney you seek, so shall you get.
If it's English, with some correct syntax thrown in, you seek, ain't happening.
It is "advice". Fix your post, and, btw, it's hilarious.
_________________________________________________________________________________________
Best wishes, Lscalder, to you with your new business.
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financeone
1201 Posts |
Posted - 05/16/2008 : 3:43:02 PM
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quote:
Originally posted by katroberts
quote:
Originally posted by financeone
Good luck.
If it's advise you seek, so shall you get.
If it's markerting advise you seek, so shall you get.
If it's an Attorney you seek, so shall you get.
If it's English, with some correct syntax thrown in, you seek, ain't happening.
It is "advice". Fix your post, and, btw, it's hilarious.
What about "markerting"? Or capitalizing attorney? Where's your eye? I'm done.
_________________________________________________________________________________________
Best wishes, Lscalder, to you with your new business.
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1stintegritymort
1289 Posts |
Posted - 05/16/2008 : 3:57:51 PM
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Deer WowMoo Lone Servisting,
Eye have clyent needs lone modfication. Paymant two hi. No made paymant four tree monts. Kneed fixd rates knot addjustible.
Thanx,
Lone Modfication Speshelist |
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lscalder
1031 Posts |
Posted - 05/16/2008 : 4:26:33 PM
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I was asking for marketing advise.
I bet the ones who are making fun and having a good old time are the ones not closing any loans so instead of looking at their sorry life and sorry career going down the drain they rather bring someone else down with them.
If you are closing loans and are so happy with your career why even post your rude nasy comments.
The brokeroutpost used to be a place where people helped others. Now its a place where the sorry low life with no career find a place to bash others. Only because their life *****, they are no longer making any money and they have no option but to try to put others down so they can feel good about themselves. Which is so sad.
If you are not making any money or closing any loans do not take that out on me. |
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Janlynn
89 Posts |
Posted - 05/16/2008 : 4:26:48 PM
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Hi,
Depending on what state you are in, or what states you want to do this in, some states (if not all) require an intent to foreclose or lis pendens or something to be filed with the town/county/whatever when a lender intends to foreclose. And some states have their public records online. You could go online and look for these filings and send them a series of direct mail pieces.
Might have to be careful about how the letter is worded as to not upset them about their foreclosure status, but if they really need help, it might get their attention! I know people who used to do this with Chapter 13s and it can work pretty well. Or you could send direct mail from your mortgage company that mentions helping people drowning in debt in general, and they might respond to that, and your loss mitigation company could help them (or maybe get a refi out of it). It depends on what that state allows or prohibits for mail advertising. If you send a more general mailer out about debt, you could follow up with telemarketing calls as well.
You mentioned newspaper ads- sometimes a good old-fashioned classified ad gets a lot of attention. Sometimes we do a classified in a small town newspaper where there are no similar ads - sometimes they work better and cheaper than the big papers, although classifieds in the big papers are good too.
You could also try flyers. When cash out refis were hot, we used to go to some of the discount or specialty markets in the city, or the adjacent areas. Many of them have community bulletin boards, and we would post flyers and business cards. We actually got calls from these. We also did it with first time homebuyers as well.
These are kind of old ideas, but I know that sometimes, with all the technology, internet, etc. around, somtimes I forget how well these things can work! And, they are pretty cost effective as well. Good luck to you. |
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financeone
1201 Posts |
Posted - 05/16/2008 : 4:32:17 PM
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quote:
Originally posted by lscalder
I was asking for marketing advise.
I bet the ones who are making fun and having a good old time are the ones not closing any loans so instead of looking at their sorry life and sorry career going down the drain they rather bring someone else down with them.
If you are closing loans and are so happy with your career why even post your rude nasy comments.
The brokeroutpost used to be a place where people helped others. Now its a place where the sorry low life with no career find a place to bash others. Only because their life *****, they are no longer making any money and they have no option but to try to put others down so they can feel good about themselves. Which is so sad.
If you are not making any money or closing any loans do not take that out on me.
Okay dum, dum. It's "advice".
I am closing loans. I work very efficiently with my current client base and qualified referrals.
Just surprising that someone that owns two or three companies can not post a legible(you may need to look up) post, that's all.
I am not mad. I am not jealous.
I believe it states on this blog's homepage that it is for mortgage professionals only.
America is awesome! |
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katroberts
1123 Posts |
Posted - 05/16/2008 : 4:34:13 PM
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Hello.
Is this the company you just started that you told us about in another post that helped you before with clients?
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=220896
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lscalder
1031 Posts |
Posted - 05/16/2008 : 4:36:34 PM
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My Company help those who are facing foreclosure not those who are in foreclosure.
Thanks for the advice.
I was thinking about flyers. I will get some print up next week.
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katroberts
1123 Posts |
Posted - 05/16/2008 : 4:37:38 PM
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I think that, as far as getting your business off the ground, if you can get acquainted with some attorneys in town and do good work for their client referrals, word of mouth and having attorney referral sources will be a big start. That's just my opinion.
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financeone
1201 Posts |
Posted - 05/16/2008 : 4:38:12 PM
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quote:
Originally posted by katroberts
Hello.
Is this the company you just started that you told us about in another post that helped you before with clients?
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=220896
No kidding? Too much. Thanks Kat |
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racerx
11048 Posts |
Posted - 05/16/2008 : 4:38:33 PM
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quote:
Originally posted by katroberts
Hello.
Is this the company you just started that you told us about in another post that helped you before with clients?
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=220896
Good catch.
From the web site:
Company history
LSM consulting was started by Latoya Calder a former mortgage Consultant and Mortgage Branch Manager. Latoya was a five year veteran who had a burning desire to help others achieve the American dream by helping first time home buyers obtain financing and refinancing existing homeowners. As the market quickly began to change and she saw many people begin to lose their homes by no fault of their own, she felt that there must be a service in place to help homeowners stay in their homes. After much research and discussion, she concluded that with her strengths and background in the mortgage industry it put her at a unique advantage as a loss mitigiation consultant. This was how LSM Consulting Services was born. |
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Captain Mortgage
1411 Posts |
Posted - 05/16/2008 : 5:01:30 PM
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| What is it that you're looking to do? Are you planning on processing loss mitigation packages for homeowners? Or negotiating short sales? Also is your end goal to refinance a client or get a sale? Or is it to adjust their current loan terms? Let me know a little bit of what you're trying to do and I might have some ideas for you. |
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rychecky
87 Posts |
Posted - 05/16/2008 : 5:16:54 PM
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| go to my website refidecline.com this is a law firm that I'm in |
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MARKJOLLIFF
369 Posts |
Posted - 05/16/2008 : 5:22:00 PM
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quote:
Originally posted by WorldWideWayne
quote:
Originally posted by neversaynever
Asks for help at BO, then slams brokers. Yea business is going straight to the moon for him...
He asked for help then got slammed himself. This is the part of BO that makes me sick. Get off his back because of his spelling and grammer. He has an idea and would like some feedback. Unless you are going to type something constructive use your fingers for something else.
I was also going to comment on his grammar and spelling. It doesn't have to be mean spirited. How are people supposed to know what to work on if people don't offer constructive criticism. It is apparent when someone makes a typo but bad grammar and spelling jumps right out at you. It's like someone asking you to review a speech for them but you don't tell them their zipper is down before they walk out there because you don't want to hurt their feelings. In his case it is really bad and it's better he here it here and work to correct it than to represent someone and blow it for them. Asking for advice doesn't mean you will hear what you want to hear but hopefully what you need. |
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oldmlb
127 Posts |
Posted - 05/16/2008 : 5:39:05 PM
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Easy & Cheap, pretty targeted. Put your ad in classified "Homes For Rent" sections of the local rag (they may be moving soon, right?). You probably will get in their online version for the same price. Test the different areas of "Homes For Rent" with a different extension or phone number if you have that capability and see which section yields the most responses. If you get 10 from one and zero from another, drop the zero response section and lower your cost per lead.
Or, maybe get ahold of the straight shooter Lead Guys on the BO and do a dialer to those on delinquency lists.
OR, maybe look at offering a service to Realtors (shudder-shudder)on a fee basis that actually preps their Sellers' short sale packages for the Lender. That's actually like processing a loan package on the Seller for "denial", in that your goal is to prove that the CAN'T make the payments! (funny, that's actually how I'm feeling when I submit loans for approval anyway these days)
Good Luck - Take a big whack at it and enjoy! |
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oldmlb
127 Posts |
Posted - 05/16/2008 : 5:44:41 PM
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BTW Markjolliff,
"it's better he here it here and work to correct it"
Ju got a little booger there mon. |
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Hustler12
1017 Posts |
Posted - 05/16/2008 : 5:56:13 PM
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| LScalder - You have mail. |
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khoiey
1309 Posts |
Posted - 05/16/2008 : 7:15:13 PM
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| She posted on the other topic about how she used this loss mitigation company and it helped her close her deal. That company is her own company. Busted! Did that deal really close? |
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haiku
408 Posts |
Posted - 05/16/2008 : 7:28:24 PM
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| Some of you are a hot *** mess! |
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AlliedFinancial
76 Posts |
Posted - 05/16/2008 : 7:42:38 PM
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| I have many clients I can send over your way, give me a call so that we can work something out. Forget all these negative and bitter people. In this market thats the last thing we need, just brush your shoulder! |
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AlliedFinancial
76 Posts |
Posted - 05/16/2008 : 7:44:31 PM
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| By the way that was me EPALAFOX!!! |
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epalafox
50 Posts |
Posted - 05/16/2008 : 7:53:08 PM
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| Shoot me an e-mail, we can do alot of biz together!! |
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beauphus
121 Posts |
Posted - 05/16/2008 : 8:21:47 PM
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Spend a couple bucks and hire The Phonics Monkey...
Then make sure you are completely honest - especially on B.O...
Lastly, attorneys, leads, mail, and word of mouth work too... |
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MARKJOLLIFF
369 Posts |
Posted - 05/16/2008 : 10:07:42 PM
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quote:
Originally posted by oldmlb
BTW Markjolliff,
"it's better he here it here and work to correct it"
Ju got a little booger there mon.
My grammar and spelling isn't the greatest either. I hated English in school. |
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lscalder
1031 Posts |
Posted - 05/17/2008 : 06:20:54 AM
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I have helped a few people so far.
My main reason for continuing the Loss Mitigation company was my first client. Her story was so sad.
Her husband lefted her and her 2 children. One of her child was recently diagnosed with Autisum,ADHD and ADD. Her interest rate is 14% with a loan amount of $120,000. I did lower her rate with her lender.
I thought her story was so sad.
There are so many people out there that had a greedy Loan Officer who did not look out for their client interest.
I can careless what these no money maker,no loan producing loan Officers say. I know the ones on here who are making these childish comments are the ones who are at the point of loosing their home,kids,dogs and everything else. They are not making any money. I bet they are the ones who are now working at MCDonald flipping burgers. Now they want to make others feel low.
I will continue with my business.
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khoiey
1309 Posts |
Posted - 05/17/2008 : 09:48:03 AM
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Good luck with your venture. Always be honest when you want to introduce your company.
quote:
Originally posted by lscalder
I have helped a few people so far.
My main reason for continuing the Loss Mitigation company was my first client. Her story was so sad.
Her husband lefted her and her 2 children. One of her child was recently diagnosed with Autisum,ADHD and ADD. Her interest rate is 14% with a loan amount of $120,000. I did lower her rate with her lender.
I thought her story was so sad.
There are so many people out there that had a greedy Loan Officer who did not look out for their client interest.
I can careless what these no money maker,no loan producing loan Officers say. I know the ones on here who are making these childish comments are the ones who are at the point of loosing their home,kids,dogs and everything else. They are not making any money. I bet they are the ones who are now working at MCDonald flipping burgers. Now they want to make others feel low.
I will continue with my business.
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