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Hi Fellow Foreclosure Cleanup Business Owners,
This issue will discuss loss mitigation companies and how they can help you grow your business. (Don't forget the Golden Nuggets' area below which contains a Phone Script for you to use as you target loss mitigation companies -- exclusively for you as a Premium Newsletter subscriber.)
What is a loss mitigation company? Bank loss mitigation departments are divisions of banks and mortgage companies that assist delinquent home loan borrowers. A bank loss mitigation department's primary function is to work with borrowers who are in financial trouble and behind on their mortgage payments. The employees of these departments are entitled "Loss Mitigators."
How Loss Mitigation Companies Can Help Your Business Grow: Loss Mitigators are on the frontline of the foreclosure cleanup crisis; they know before anyone else (other than the homebuyer) that a property is in trouble and headed for possible foreclosure. They are on the phone with buyers daily who either ultimately come up with a successful solution to save their homes, or whose homes head into foreclosure or short sale scenarios.
As a real estate industry contractor, you should plan to send loss mitigators your contact info via email, postcard, introductory letter, etc. It's not unusual for banks and mortgage companies to give delinquent buyers financial incentive to move from the home (versus having to put them out); it's actually cheaper for banks and mortgage companies to use this tactic versus foreclosure.
Buyers will need junk removed, cleanup, etc., as they prepare to move and leave the house in good condition for the bank so they can get their monies. Loss mitigators can pass along your company's info to them. (Remember, an astronomical percentage of homebuyers are delinquent on their home loan payments to-date.)
Further, if a home goes into a short sale scenario (where the bank agrees to a lesser sales price for the home than the actual value), the home will eventually need cleanup, debris removal, repairs, painting lawn work, etc. Make sure your contact info is in the loss mitigator's rolodex for passing along to industry colleagues like short sale specialists, REO realtors and new short sale buyers.
The bank loss mitigation list is an invaluable tool to use to grow your real estate contracting business.
Cassandra Black is the Author of Property Preservation & Real Estate Contracting & Subcontracting Directory, How to Start a Foreclosure Cleanup Business: FREE Articles & Advice Blog,
How to Start a Foreclosure Cleanup Business, How to Register Your Business with HUD & Other Government Contracting Agencies: One-Stop Resource to Locate Government Contracts, Pricing Guide for Foreclosure Cleaning & Real-Estate Service Businesses, How to Market Your Foreclosure Cleanup Business, the
Foreclosure Cleanup Business Combo Estimate & Contract Form, (and other cleanup business forms) and the Housing Authority Master Contacts List with Bonus Search Tool. Cassandra is also the CEO of Foreclosure Cleanup, LLC, Real Estate Cleanup, Atlanta, GA, and an Investor & Landlord (TheCassandraGroup RE
).
Failed Banks Listed by Month
Visit this link to see which banks closed in which month. (Remember, the acquiring institutions of failed banks can be fertile ground for foreclosure cleanup businesses.)
GOLDEN NUGGETS
Exclusively for Premium Newsletter Subscribers!
PHONE SCRIPT TO LOSS MITIGATION COMPANIES
As a foreclosure cleanup business owner, plan to reach out to loss mitigation companies via phone initially to provide information about your business. TIP: Use the phone script below for voicemails. Call after business hours so you can leave a detailed voicemail for the loss mitigation rep. Then follow-up with a postcard or letter mailer a day or so afterwards. After you feel like they've received the mailer, follow-up with a subsequent phone call "during" business hours.
PHONE SCRIPT (by your company to loss mitigation rep's voicemail): "Hi Mr. Smith. I am Sam Jones from My Foreclosure Cleanup Company in Atlanta (use your company name). We offer foreclosure cleanup services to banks and mortgage companies such as yours for REO properties. We provide services ranging from trashouts, to cleaning, lawn work and minor repairs. We also work with homeowners who may be vacating a home to ensure it is left in good condition for your company. Please look forward to information in the mail about my company over the next week. I will follow-up in an attempt to speak with you in person in the near future as well. Visit us online at My Foreclosure Cleanup Company dot com; or give us a call back at 404-111-2222. Thank you."
Previous Golden Nuggets
Get Your EIN Today:
http://www.irs.gov/businesses/small/article/0,,id=97860,00.html.
Tip: To locate your County Clerk's Office, GOOGLE phrases like "Your County Name" and County Clerk; or "Your City Name" and "County Clerk".
Business Rules for Your State: To find out rules, regulations, business registration and filing requirements in your state for doing business, visit this government link and find your state:
D-U-N-S Number Tip: Don't "pay" for a D-U-N-S Number! Some companies charge $149 and up when they box it with other services. Getting your number is free, free, free if you are signing up as a vendor on government contract registration websites.
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Challenge:
Contact 15 Loss Mitigation Reps Over Next Week! |
