Loss Mitigation Company comes to SC

Almost 10% of homeowners in SC were behind in their mortgage payments or in foreclosure, The State (our local newspaper) reported, quoting a bankers’ association. And that foreclosure rates would rise in 2009.

Almost simultaneously came the announcement from Titanium Holdings Co. that they were setting up offices in Lancaster County, SC, close to the SC/NC state line near Fort Mill and Charlotte.

What is the connection? Titanium Holdings Co. owns Titanium Solutions Inc, which is a loss mitigation company based in Utah, and what they do is facilitate communication between mortgage companies and homeowners facing foreclosure, before it is too late.

Here is how Titanium works: mortgage companies with delinquent homeowners contact Titanium, which in turn, works with local real estate professionals who care about their community and want to help home owners retain their homes. Their job is to touch base with the homeowners and provide them with options to avoid foreclosure. These real estate professionals are called Home Retention Consultants or HRCs.

Most mortgage companies are willing to ‘work-out’ with the homeowner – by lowering the interest rate, forgiving various fees or forgiving delinquent payments. Sometimes, it is all 3. It costs the mortgage companies a lot to foreclose on a house and frankly, they want homeowners to retain their homes and continue paying mortgages.

Now I have been an HRC with Titanium for 4 years, and I feel privileged to have helped dozens of homeowners keep their homes. When homeowners get behind in their payments, it is mostly due to job lay-offs or illnesses or divorce. They are scared and confused, stop taking phone calls or opening letters from the mortgage company. Almost always, they are angry and feel humiliated.

“The in-person home retention counseling that Titanium Solutions provides is a vital service in today’s economic market,” Patrick Carey, CEO of Titanium Holdings and Titanium Solutions, said. “This new location will allow us to continue supporting our clients and partners, and expand our services and product offerings. The ability to be located in South Carolina, with access to the diverse, skilled workforce was a driving factor that significantly influenced our decision. The new employees will allow us to rapidly address other areas of need within the industry. As we continue our strategy of prudent growth, we look forward to being an important partner in the community.”

Over the next five years, Titanium will create up to 300 new jobs here to support all of its divisions. “Fort Mill is an attractive area for both businesses and families, so we are excited to partner with the South Carolina Department of Commerce in order to bring Titanium Holdings to the area,” Tamara Buie, senior vice president of human resources at Titanium Holdings, said in a statement. “The close proximity to the Charlotte Douglas International Airport and the experienced work force that the Fort Mill and Charlotte areas offer were key reasons for the selection of the new location.”

For our part, we are excited and welcome Titanium to South Carolina.