All Press Releases for March 18, 2009

Why I shut down 22,000 Foreclosure Consultants to Prevent a Foreclosure Scam by Thomas Tom Tsilionis

The term "Loss Mitigation" has become a common term with home owners and real estate professionals throughout the country. Loss mitigation, meaning to mitigate, or minimize loss, is traditionally a department maintained by most mortgage companies to do just that; minimize their loss.

    NEW YORK, NY, March 18, 2009 /24-7PressRelease/ -- With no formal training required, one can become a loss mitigation specialist with limited, or no knowledge of the real estate mortgage or foreclosure business. This in itself is downright scary. Someone you don't know, without any training, is going to charge you a fee for a service they have never successfully performed. Loss mitigation for a home owner is a very detailed and complicated process that if not done correctly, could place the home owner in a much worse position.

In the recent book 'The Foreclosure Survival Answer Book', Thomas Tsilionis has dedicated a whole chapter to why Loss Mitigation Counseling is being considered nothing more than a new age scam. In 2005 Mr. Tsilionis contracted to provide training to various Loss Mitigation firms and their agents. He explains how many homeowners were being ripped off by inexperienced Foreclosure Consultants for work they could of performed themselves. When Mr. Tsilionis bailed the sinking ship many of those Foreclosure Agents ended up losing a great deal of money. What was more important to Mr. Tsilionis is that the homeowners who needed the money the most did not get ripped off. This chapter explains why Loss Mitigation Counselors are able to help homeowners only 15% of the time and in most cases are after the money.

Mr. Tsilionis explains that though it's hard to know exactly where to turn to for guidance and direction, a neutral third party trained to help homeowners is always a good place to start. The Department of Housing and Urban Development ( maintains a nationwide directory of more than 2,300 HUD-approved agencies where counselors can evaluate your situation and create a multistep action plan. This plan may include negotiating a loan modification with your lender, helping you slash monthly expenses or referring your to an attorney if they think you have been a victim of mortgage fraud. Most of these counseling services are free.

In Chapter 15 Mr. Tsilionis states that it's always best to make sure you contact an attorney or real estate professional for objective advice before signing anything related to loss mitigation or the sale of your home. If you or someone you know needs assistance with their mortgage, please make sure they immediately contact their lender and ask if they can provide alternative payment arrangements.

Thomas Tom Tsilionis is an author, writer, trainer and public speaker for the Real Estate Industry. His recent book 'The Foreclosure Survival Answer Book' is now on sale at the Association of Commercial Real Estate Professionals and on

Thomas Tsilionis
TSI Group

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US Foreclosure Prevention, LLC.
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