Update on Loss Mitigation...

I have been putting together a business plan for offering Loss Mitigation services to homeowners in foreclosure. Loss Mitigation is actually an intervention on behalf of the homeowner to work out a repayment plan of the arrears so the homeowner can keep their biggest investment (their home, of course).

This seems to be a very big business, but unfortunately there are A LOT of companies out there taking advantage of people... They take their money saying they can do the mitigation, and are unable to work out an agreement with the lender and the homeowner ends up losing their home AND the money they paid the Loss Mitigation company. So sad...

Here in Indiana they are now requiring all Loss Mitigators to become licensed (a new development, but I'm so glad it happened), and I look forward to getting licensed. I hope to see other states follow suit and require licensing for all Loss Mitigation professionals.

I will keep posting on the process of my business plan and how things are working out. I have an alternative plan (rather than working with a Loss Mitigation company).... I will fill in the details just before rolling out with my website.