Simple. “American Loss Mitigation Institute” is about helping and assisting the homeowner in their "best" interest. This means that if the homeowner qualifies for loss mitigation, then we would help and assist the homeowner qualify for a workout plan with their lender to reinstate their mortgage loan. If the homeowner doesn’t qualify for loss mitigation and is going to lose their home anyway, then we would help and assist the homeowner in a Shortsale of their property. Our company's policy, the federal lending laws and real estate disclosure laws require us to help the homeowner in their best interest. We aren't about stealing the homeowners’ properties in a pre-tense of helping and assisting them. There are plenty of homeowner's that aren't going to qualify for a legitimate hardship of their property and subsequently are going to lose their homes in foreclosure. These people are going to need the services of a Shortsale and are the foundation of our business market.  

It's because of all of their "actual costs" they incur when they're forced to foreclose on a homeowner's property. A lender stands to lose a lot of money when it forecloses on a property in foreclosure. Foreclosure properties include most of the following costs: (1) attorney's fees, (2) trustee fees and costs of the trustee’s sale, (3) arrearages, (4) court costs and legal process fees, (5) holding costs, (6) high repair costs, (7) closing costs, (8) real estate commissions, (9) property taxes and insurance, etc. The average conforming loan costs a lender approximately $20,000 to foreclosure. A non-conforming loan costs a lender around $30,000. You can see why it is very advantageous for a lender to cash-out of a defaulted loan and get a foreclosure property off their books.

Lenders aren’t in the real estate business of buying and selling foreclosure properties. They aren’t licensed realtors that are experts in getting rid of foreclosure properties. If the lender chooses to out-bid everyone at the trustee’s sale and not let the buyer/investor buy the property at an extremely low price as the highest successful bidder, the lender is stuck with the property. Also, most trustees’ sales are for all cash and require the buyer to purchase the property within 24 hours so the average buyer doesn’t have time to get financing even if he did have the credit or financing. Our point is that only investors or the wealthy have the money to purchase these types of foreclosure properties at these public auctions. As a rule of thumb, most investors will only bid 50-70% percent of the after-repaired value (ARV), minus all repairs.

Yes. Until the sale date has passed, you have time to resolve your foreclosure by selling your property and negotiating a Shortsale. If you haven’t been served with a “Notice of Trustee’s Sale” setting the exact sale date; generally, there’s plenty of time to submit a Shortsale Offer to the lender and get it accepted. For individuals with a Trustee’s Sale date, we process our Shortsales immediately and get a Shortsale offer accepted before the sale date or request a postponement or continuance. If there isn't time before the Trustee Sale date, we get a postponement by submitting a request to your lender with all of the required documents for a "quick" submission. Time is of the essence. Submitting all the Seller's Shortsale Package to the lender is essential and we require the homeowner to quickly submit all of the required documents to us timely. We have a high percent of successful Shortsale offers because of our due diligence and follow-up. For those of you trying to do this alone without our help and assistance may find that they are in for a lot more than they bargained-for.

Depends. We can submit your Shortsale Offer from the time you submit all of the requested documents to us. On average, a Shortsale Offer on your property will take from 3-6 weeks. From the time a Shortsale package is submitted to your lender, we negotiate and perform our due diligence on your property in order to sell it. By taking certain concise steps, we increase the advantages of selling your home and getting the lender to approve and accept our Shortsale offer. If your sale date is before we can close, again, we simply get agree to a postponement or cancellation of the Trustee’s Sale date. We get this is writing.

Is all of our information private and confidential?

Yes, all submitted documents, statements and information regarding your case is completely private and confidential according to our company policies, federal lending laws and real estate disclosure laws. Any third party requesting information on you must have a written authorization signed by the borrower and/or co-borrower.

You have the "best" system in the industry to get leads and referrals from. The "best" lead generation system is from loss mitigation cases. If the homeowner doesn't qualify for loss mitigation workout, then the homeowner is a prime candidate for a Shortsale offer. You've got endless possibilities. Just consider the following lead generation tools you have: (1) foreclosure lists, (2) Notice of Defaults, (3) Court Records, (4) Real Estate Brokers, (5) Mortgage Brokers, (6) Property Inspectors, (7) Appraisers, (8) Advertising, (9) Road and Yard Signs, (10) Newspapers, (11) TV and Radio, (12) Web pages, (13) Internet sites, (14) Referrals, (15) Online marketing, (16) Banks, (17) Lenders, (18) Title Companies, (19) Bird Dogs and (20) Loss Mitigation clients to name a few.  Without a lead generation system you have no clients and without clients you are out of business.

The homeowner can avoid paying for closing costs, real estate commissions, and the mortgage debt secured on their home. Homeowners can also avoid bankruptcy (10 years on their credit report), the foreclosure sale, save their credit, and start fresh without liability. The investor/buyer can perform a Shortsale without any money or financing, or out-of-pocket expenses. No other pre-foreclosure system can create equity or profits when there is none. The lender can avoid a costly foreclosure, save money, time and energy and get their mortgage loan paid off in full a the close of the Shortsale deal.

Every single step and document you'll ever need will be furnished and discussed in depth for your complete understanding and use. You will receive actual letters "from" and "to" the parties involved using the Shortsale deals that MIKE has done himself. You don't need any forms not included in this system. Various "hardship" letters are included as examples or templates that you'll simply have the seller complete and sign. All instructions, forms and documents are constantly being updated and revised for your continued success in the Shortsale business. We might add that our forms and documents are some of the "Best" in the industry and will help and assist you stay out of trouble with proper binding contracts and disclosures. If you have any questions, you should consult with an attorney.

Never - the risks are too great and uncertain, especially when you have to pay up to 100% percent of the purchase price at the trustee's sale as the highest successful bidder. You don't have to run to every Trustee’s Sale to buy foreclosures that you may overpay or haven't seen the inside of (open house) to inspect for repairs and damages. You must absolutely be able to determine your labor and material costs for all repairs in order to estimate your profit margin. If you're wrong, you'll pay for it and even lose your money or investment property in the deal. This simply isn’t smart investing! We do it right for you in the first place.

You will learn how to tie-up the property with the real estate forms and sells it to someone else without using any of your own money, credit or financing. You will learn how to structure every deal so you are not liable for the seller's mortgage payments or purchase expenses. It's simple, legal and ethical the way others who have been successful conduct theirs Shortsale deals. These proven methods will provide you the know how to have the home sold, before you buy it. You should always have an exit strategy before you buy a home. Many implementing these methods do this every single week. This is as "risk-free" as you can make a purchase of a foreclosure property in real estate.

The homeowner (seller) is willing to sign over their property because they will save their credit, avoid bankruptcy (especially after the new bankruptcy laws effective October 17, 2005), limit their liability (no deficiency judgment), salvage some of their equity, get the lender to report their account to the credit bureau as Shortsale/settled/paid-in-full, begin a rebuild their credit (a new fresh state) and obtain relief from their foreclosure action.

Yes - Absolutely. First, there is an epidemic of foreclosures in America. Homeowners are facing record number of foreclosures on their mortgage loans. When the homeowner gets behind in their mortgage payments, default occurs. Then the lender starts the foreclosure process in order to take back the home as security for the mortgage loan. The Mortgage Banker's Association states "28% percent of all mortgage loans are interest only loans. These loans are adjustable as interest rates climb. When the interest climbs, the homeowner can't afford to make the mortgage payments and they lose their home. 2nd mortgages constitute 37% percent of the entire mortgages being made nowadays. These 2nd mortgages are causing many homeowners to over-extend, default on their loans and get into foreclosure. In order words, we can supply you with countless statistics according to the U.S. Census Bureau and U.S. Labor Statistics for the continued increase in properties and homeownership that will end in default and foreclosure.

Simple. We're the "best" because we have been in the business the longest, have the most knowledge, skills, experience and the best-proven track record in the industry that our competition can't match. Stan Schultz of American Loss Mitigation Institute has been in business of loss mitigation for over 23 years. No other loss mitigation company can compare or match this proven record for reliability or accountability.