Is loss mitigation the same as home retention?
In this economy there are a lot of opportunities posted in the loss mitigation field. I wanted to open this discussion and see what your feelings are on the topic.
I have worked as a Home Retention Specialist for Titanium, Inc. and have enjoyed that work very much. Loss mitigation isn’t the same thing as home retention, I have found.
When I was researching loss mitigation there seemed to be all sorts of “lucrative” opportunities out there.
What is loss mitigation?
As per wikipedia: Loss mitigation  is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner’s lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure.
A great idea, but…
It has been my experience that the large majority of these companies offering “loss mitigation” consultation are ineffective at best.
I think we as REALTORS should do what we do best…help people buy and sell real estate. When the sale is a distressed sale, then we need to know the proper channels to turn to for help. In the instance of loss mitigation, it is my opinion that the seller is best represented by an attorney who specializes in this field.
I am hoping that you will all chime in with your thoughts and experiences in this difficult field.