Ethical Foreclosure Solutions

As lenders work to find ways to avoid foreclosure, certified foreclosure mitigation specialists are in short supply and high demand.

(Mesa, Arizona, USA) – As the foreclosure crisis continues to spread with relentless momentum, millions of homeowners and their mortgage companies are desperate for help. One of the biggest needs is for qualified professionals who know how to creatively resolve delinquencies and foreclosures. These foreclosure mitigation experts are few and far between, at a time when America needs them most – and the industry is willing to pay top dollar for their services.

Foreclosure mitigation specialists are educated and trained to figure out ways to resolve defaults, delinquencies, and foreclosures in a way that benefits both the borrower and the lender. The role of a foreclosure mitigation expert is to negotiate on behalf of the distressed homeowner, while also suggesting creative but financially feasible ways to solve problems and save both the homeowner and the lender money.

Those already established within the real estate industry – for instance, real estate brokers, loan officers, and mortgage brokers – are in the best position to work as certified foreclosure mitigation specialists and earn a second income. Or by simply referring business to mitigation agencies they can solve problems that would otherwise impede their own success. They earn a commission on the referral and perform a valuable service to their clients who are under financial pressure and may be about to lose their credit, their home, or both.

President Bush has urged lenders to work out solutions with homeowners, but so far the results are meager. 70 percent of distressed borrowers are not on track to get out of trouble, despite promises by lenders to voluntarily rework loans.

Part of the problem is that lenders are not in the business of mitigation, so they do not have the talent, the skill, or the human resources to address the avalanche of cases not in process. Meanwhile, some foreclosure investors present themselves as mitigation agents so that they can put themselves in a position to capitalize upon the duress of homeowners.

But genuine foreclosure mitigation has nothing to do with predatory practices. Rather than take advantage of bad situations, mitigation resolves them for the benefit of everyone involved. For example, a loan officer who cannot qualify a homeowner for urgent refinancing because of lingering debt problems can refer the case to a loss mitigation service. The homeowner gets rescued, and the loan officer earns a commission. Or the loan officer attends training and gets certified to do foreclosure mitigation. Then – at a time when the lending business is virtually stagnant – the certified professional can focus on resolving foreclosures. Everyone wins, and the presence of additional mitigation experts fills the nation’s emergency need for qualified personnel.

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