The Interesting Role of Titanium Solutions
The Problem
Many people who have fallen behind on their mortgages and are in the midst of the foreclosure process are unreachable. They do not respond to contact from their mortgage companies.
One Solution
Hire an outside company to make the contact for you.
I just read an interesting article about one such company. Mortgage companies hire them as their representatives. The name of the company is Titanium Solutions. Let me tell you a little bit about them.
They bill themselves as an intermediary between mortgage companies and people facing foreclosure. Their goal is to help these people start to communicate with their mortgage company so that together they can find away to save their home from foreclosure.
They are hired by mortgage companies to contact people who have fallen behind on their mortgage payments. Initially they will try to call them from a contact center in South Carolina. Cases where phone contact is unsuccessful are referred out for personal contact.
This is Where It Gets Interesting
The representatives hired by Titanium Solutions are local realtors. Most have 3 to 5 years of experience in the real estate industry. Their job is to knock on the doors and make contact with the people. They talk to them about the loan modification process. They explain what documents and forms they need to submit as part of their application for a modification. Sometimes they will even go back, pick up the completed documents and send them to the mortgage company.
Why Realtors?
Realtors are familiar with their community. They don’t like to see homes foreclosed because property values drop in the area and that hurts all sales. They can also build rapport with homeowners they do not know.
What’s So Great About This Approach?
It gets people who thought their situation was hopeless and would not do anything to try to save their homes to realize that they may be able to do something. They can talk with their mortgage company and they may be able to turn their situation around and save their home.
What Are The Drawbacks?
First – the role of the representatives from Titanium Solutions ends after they get the person who is behind on their payments to talk to their mortgage company. They normally have no contact with them afterwards. If the representatives at the mortgage company are unresponsive later on, the person facing foreclosure has to try to handle it themselves.
Second – sometimes the mortgage company does not let the person facing foreclosure know that a representative from Titanium Solutions will be contacting them. When the representative comes by unexpectedly, the homeowner is taken off guard and is skeptical. They wonder who this person is. Initially there is a lack of trust. Are they who they say they are? Are they really there to help them?
Third – The person facing foreclosure fears that the main reason they are there is the mortgage company has hired them to sell their homes. Some representatives from Titanium Solutions have added to this fear by taking pictures of homes prior to making contact with those they were asked to contact..
Why Did I Find This Interesting?
First – Mortgage companies have done a horrible job of trying to contact people facing foreclosure. I like that some have looked for other ways to initiate contact.
Second – It’s great to see that the mortgage companies are outsourcing this contact to other firms. Since these firms have no connections with the mortgage companies they can act as intermediaries between the companies and people facing foreclosure.
Third – It is great to see that realtors are being hired as representatives of Titanium Solutions. They know their communities and truly care about it.
Some Final Thoughts
If you are contacted by a representative from Titanium Solutions, remember they are acting as a go between between your mortgage company and you. They are not your representative. They are only there to get the loan modification process started. Their role is very limited.
Even though they contact you and you may be able to start to talk with someone at your mortgage company, it is still best to get a lawyer or an expert in the field to help you get the modification best for you. The lawyer or expert will always have your best interests at heart.
For more ideas on how to save your home from foreclosure, please check out my EBook. You can find out more about it by clicking stop foreclosure answer.
Much Success,
Mark Elkins
