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Updated almost 14 years ago, 12/23/2010
How can I contact loan loss mitigation officers in my area?
I'm bird dogging for an investor who is focusing on probates and bulk REO's. Yes he has cash.
How do you find the loan loss mitigation officers to call?
Thanks so much for your time!
I would first get a free list of banks from a google search. Bigger Pockets might have something in their resource area. I'm not sure. They have so much great information here. Once you get the list you can call all of the banks and ask for the REO departments. Let them know what state you are calling from. They usually have people who handle whole areas. ex: The whole Midwest area. Once you get someone on the phone, you can ask them who handles their bulk sales. That information is sometime very private, unless you have deep pockets. But as you said your associates has deep pockets. Hope this helps. P.S. There are people who sell loss mitigation list with contacts of the people to speak to. Good Luck
You wont be able to get in touch with them. They almost always are represented by a local REO agent. You will deal with them. If your a bird dog it will be next to impossible to deal with them. Good luck
- Curt Davis
Originally posted by free2rhyme214:
How do you find the loan loss mitigation officers to call?
Thanks so much for your time!
Even if you were able to contact loss mitigation (which is preforeclosure) they cannot share borrower's information with you without proper authorization as it is a violation of FCRA (see FTC.gov). In the case of probate, the borrower is deceased so it is highly unlikely loss mitigation with help you here. For probate, you need to contact local attorneys, paralegals, and fiduciaries. You can also market to real estate agent's who specialize in probate and estate sales.
As for Bulk REO, with all the institutional buyers out there, you are really going after the holy grail of foreclosure investing. Most of the big players have this market cornered because they work from the top down. You will have little success working from the bottom (asset managers) up.
If your looking for bulk REOs, focus on smaller state or even local banks and contact on its loan officer's. In many of the smaller banks, the loan officer that was responsible for the origination of loan might be your best contact. In fact, in many of the smaller banks, it is the loan officer that might actually also be the asset manager, or they might be able to pass your information along to them.
Be careful of buying loss mitigation or asset manager contact lists as you will likely pay for something that is not even useful. I have called dozens of asset managers and they rarely called me back becuase they are too busy, don't care, or are bound by strict company policies to avoid speaking to buyer's directly. This is why they use agents.
With loss mitigation reps, you need a loan number and authorization for the borrwer to even be able to get a call back.
If you do what I say, work locally and build contacts, and follow-up periodically with the aforementioned you will be surprised what your able to accomplish.
Please note that ALL discussion of bulk REO must be in the bulk REO forum, not in this thread or this forum.
Where's that?