In this video, industry expert Debbie Lastoria, from Nationwide Title Clearing, addresses the question ""How important is a property report to the loss mitigation process?" She also discusses why it's important to order a property report at the beginning of the loss mitigation process and recommends best practices including why it's important to be proactive. Click here to watch
New regulations have shortened the timeline for the total loss mitigation process. Evaluating your borrower to see if loan modification, short sale or deed in lieu is the best route must be completed simultaneously within one timeframe instead of individually.
Ordering a property report at the beginning of the loss mitigation process allows you to determine the best fit while eliminating actions that fall outside the guidelines. Knowing this, coupled with the equity analysis based on outstanding debts and lien position allows you to categorize the options for disposition. This way you can determine what is in the best interest of your investor and whether you should aggressively pursue alternatives to foreclosure.
