Inside the World of a Foreclosure Rescue Expert and the Mortgage Industry's Dirty Little Secrets

Let me first start off by saying that this was probably the most touching story that I have ever written in my career. I am a PR professional and my loving husband is deeply rooted in the real estate industry. We happen to reside in the metro Atlanta, Georgia, area and when real estate was booming here, it was really booming.

It seemed as if everyone in the real estate industry was living a life of luxury and riding high. My husband has serviced many professional roles in the real estate industry; he started out as a mortgage loan officer. Later he became a mortgage broker and that allowed him to receive commissions from other loan officers under his leadership. Mainly my husband serviced a wide range of real estate investor clients and also started investing in real estate as well. In addition, he took on small residential development projects and worked on some commercial projects as well. The years went by and life was seemly as good as it gets.

Only if you live on Mars you haven't heard that the real estate mortgage industry is in real trouble. However, you don't have to tell this to anyone deeply rooted in the real estate business, as they have most likely started to feel the crunch. Many theories contrast why and how the real estate mortgage industry got here. Kind of like when the psychic hotline went out of business, they should have saw it coming. Who is to take the blame? Do we blame the drunk driver for getting behind the wheel or the stupid passenger for getting into the car with the drunk driver? By now you may have gathered that the drunk driver is the sub prime mortgage lender. After all you would have to get drunk to underwrite such stupid loans and makeup such stupid guidelines. Yes, I have to put some of the blame too on the poor passenger also known as the mortgage holder. How could you let someone put you into such a crazy loan situation? You might as well have been driven by a drunk driver.

Here is how it all happened:

Stated Income - From a lender's stand point this will most likely go down as the loan that attacked the mortgage industry. This loan quickly became a favorite among real estate investors and self-employed individuals. Heck, almost any individual who was savvy enough could get a stated income loan. After all to get the loan the person simply stated income information. That's right they simply took the word of the person applying for the money. Those individuals who maintain high credit scores were quickly approved and favorable. Almost seems a little too easy when you think about.

Our Fresh Start

My husband and I both became master negotiators at stopping foreclosures. Stopping a few of our own and hundreds of other peoples too. We even learned how to negotiate short payoffs to which the lenders would discount the amounts owed on mortgage loans. Possessing the entrepreneur spirit that we have, my husband and I decided to capitalize on what we learned. That's when we started our "Foreclosure Consulting Training Business". Training people how to become foreclosure consultants to stop foreclosures became a passion for my husband. On our website we offer a complete training system that shows how to make a living in the field. When asked if this is a lucrative business, I always respond that it's a business that right now you will not have to stress about finding clients. Most people like the foreclosure consulting business because you can work from home and help people in all 50 states.

Mortgage industry hidden dirty little secrets

1. Mortgage lenders have failed to properly train their foreclosure collections department staff. Sadly most of the individuals working in mortgage companies usually think that you have to be extremely rude and not compassionate when speaking with persons in pre-foreclosure situations. To the few ones that are well trained and kindly compassionate, hats off. Mortgage lenders have to learn how to communicate with their customers better to help stop foreclosures.

2. Mortgage lenders are secretly redlining inner city areas by not approving loans in certain areas that would be otherwise approved in different areas. Leaving inner city areas with no resources to thrive.

3. Mortgage lenders for some reason are asking entirely too much for foreclosed properties. They foreclose on the properties that then become REOs and they are trying to get the value that was owed on the property. However, most of the time they are aware that the value was inflated and the foreclosed properties are not worth what they are asking. In other words, the actual value is not there and was never there.

It is uncertain from here where the mortgage industry is headed. My husband and I run several multiple streams of incomes and have a passion for real estate. Additionally, we focus a lot of our efforts on niche Internet revenue streams. Per my husband we will always do something real estate related. After this rocky road I myself can take the real estate industry or leave it. This is my story and I am sticking to it.