loss mitigation contact info - Posted by Lisa

Real Estate Investing
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Posted by Larry on September 12, 2003 at 13:53:23:

Once it goe to REO then don’t waist your time. You will have to work the deal with a realtor and then it becomes real competitive.

-Larry

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loss mitigation contact info - Posted by Lisa

Posted by Lisa on September 12, 2003 at 10:45:27:

This question is concerning contacting banks for short sales…
I get a list of preforeclosures in my area and the lender’s name is listed, but no other contact information. For example, Bank of America. When it is anything but a non-local bank, I run into the question of how to get the contact info. I know that I am looking for the loss mitigation department, but how exactly do I go about finding this contact info? Call a local BofA and ask for the number? I’ve tried this and have gotten through to several clueless bank employees. Is their one loss mitigation department for the entire United States? Any help on how to find the loss mititgation contact info for these larger banks would be much appreciated.
Thanks.

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Re: loss mitigation contact info - Posted by Larry

Posted by Larry on September 12, 2003 at 12:26:23:

Bank of America
Loss Mitigation
888-915-6262

Generally this information can be obtained from the homeowner you are working with. 9 out of 10 times they have already been in contact with the bank on several occasions. If not then they should have at least a contact person at the attorney’s office who is representing the bank now.

Is what I have done over time is create a database of banks and contact people who I have worked with as well as comments on the representatives. Which has been helpful at times when I was in a time crunch and needed to reach someone ASAP. After awhile you should have a lengthy list and you will not need to track them down.

Best of luck

Larry

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Re: loss mitigation contact info - Posted by Lisa

Posted by Lisa on September 12, 2003 at 13:00:43:

Thanks Larry. I am working on building a database, as you suggested, but have had some difficulty with some of the larger banks.
If it becomes an REO and I’m interested in making an offer, do you recommend still contacting the attorney who worked the foreclosure for bank contact info? Again, for those banks who I’m having difficulty getting through to.