Loss Mitigation and FACS

The Treasury Department has started dispatching what it calls foreclosure "SWAT teams" to big banks to take a hard look at their operations.

The administration says it is cracking down on mortgage companies that aren't doing enough to implement President Obama's program to prevent foreclosures. The government hopes to help 3 million to 4 million people. But many economists say the program is stumbling, and that greater oversight is needed.

About 750,000 people have had their mortgage payments reduced so far through the president's Making Home Affordable plan. But the vast majority of those people — more than 95 percent — are just in the temporary trial stage of the program. Meanwhile, the foreclosure crisis remains one of the biggest threats to the economy.

One judge publicly announced "The behavior of these lenders are similar to the behaviors we saw with early century Gangsters." With that said all involved in these transactions run into several frustrations. It is important for Real Estate professionals especially working on Short Sales never loose their professionalism. Loss Mitigation is very much an art rather than a science this is truly a people business.

-Christopher Rockey