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7 result(s) displayed (1 - 7):

February 22, 2010

Real Estate Short Sale

A real estate short sale is a type of agreement sometimes offered by mortgage lenders to borrowers who have fallen behind on home loan payments. In order to obtain short sale approval certain eligibility requirements must be met. While short selling offers financial relief to borrowers, it might not be the best strategy.

The real estate short sale process can take between three to six months to complete. The first step involves contacting the bank loss mitigation department. In addition to handling short sale real estate, loss mitigators also work with borrowers to obtain loan modifications, mortgage refinancing and deed in lieu of foreclosure transactions.

Real Estate Investing article on "Real Estate Short Sale"

December 15, 2009

Foreclosure Real Estate

Considering investing in foreclosure real estate? You're not alone. From first time home buyers to seasoned investors, foreclosure properties can be a smart choice. They can also be your worst nightmare. Taking time to understand the market and what is occurring behind the scenes can help buyers determine if purchasing foreclosure property is the best option.

Nearly every day the rules for buying foreclosure real estate change. In February 2009, President Obama unveiled a $75 billion mortgage relief plan. Devised to provide assistance to nearly 9 million struggling homeowners, the Homeowner Stability Initiative offered incentives to mortgage lenders to engage in loan modifications with borrowers facing foreclosure.

Real Estate Investing article on "Foreclosure Real Estate"

November 23, 2009

Real Estate Forbearance

Real estate forbearance agreements are used when mortgage borrowers become delinquent with home loan payments. In order to qualify for loan forbearance, homeowners must possess the financial ability to make future payments and work with a bank loss mitigator to devise a repayment plan to cure mortgage arrearages.

When real estate forbearance agreements are issued the mortgage lender agrees not to initiate foreclosure proceedings as long as the borrower complies with payments terms. Mortgage forbearance repayment plans typically extend between three and twelve months.

Real Estate Investing article on "Real Estate Forbearance"

June 30, 2009

Loss Mitigator

A loss mitigator refers to an individual who specializes in helping homeowners who have become delinquent on their mortgage note. Loss mitigators either work as an employee of the bank; independent representative for the lender; or an agent who represents the homeowner.

The primary roll of a loss mitigator is to develop a plan allowing borrowers to remain in their home. The most common option offered is a loan modification. When mortgage loans are modified, terms are permanently altered. In some cases, borrowers end up paying a higher mortgage payment in order to cure arrearages

Real Estate Investing article on "Loss Mitigator"

May 12, 2009

Bank Owned Property

Bank owned property refers to foreclosure real estate that has been returned to the lender. When homes fall into foreclosure they are placed for sale through public auctions. If no one bids on the property it is given back to the bank. At this stage, the property is referred to as real estate owned, or REO, property.

Bank owned property can consist of houses, condos, manufactured homes, mobile homes, commercial properties or raw land. REO properties are sold through each lender's loss mitigation department. Many lenders present bank owned real estate via their company website. Others retain the services of a realtor who specializes in distressed properties.

Real Estate Investing article on "Bank Owned Property"

May 31, 2008

Bank Loss Mitigators


Bank loss mitigators are specialists who have been trained to work as mediators between lending institutions and homeowners facing foreclosure. Oftentimes, bank loss mitigators are employed by banks and mortgage companies. When Borrower's become delinquent on their mortgage, the lender assigns a loss mitigator to handle the account. However, anyone who has been trained in loss mitigation can represent either the Borrower or Lender.

Bank loss mitigators must possess the ability to negotiate with both parties to reach a fair and equitable agreement. Their primary duty is to help homeowners develop a repayment plan which will be accepted by the bank and allow them to remain in their home. Although foreclosure rates are currently at an all-time high, most banks are willing to work with homeowners and help them avoid foreclosure.

Real Estate Investing article on "Bank Loss Mitigators"

April 23, 2008

Bank Loss Mitigators

Bank loss mitigators are individuals who work with homeowners facing foreclosure. Typically, loss mitigators are representatives of the Loss Mitigation Department of banks and lending institutions. However, they might also be independent agents who work directly with the homeowner and assist in negotiations with mortgage lenders.

The primary duty of bank loss mitigators is to help homeowners devise a plan that will enable them to either remain in their home or obtain a short sale. Loss mitigators review the homeowner’s financial situation and help them determine which plan will be in their best interest.

Real Estate Investing article on "Bank Loss Mitigators"