LOUISVILLE, Ky., May 14, 2008 (PRIME NEWSWIRE) -- BGS3 is emerging as one of the fastest growing short sale and loss-mitigation companies in the country. Their unique approach, under Program 3648 (a national outreach program that connects certified real estate agents with distressed homeowners), serves to remediate the suffering for both the homeowner in default and the depleted lender.

ADVERTISEMENT

Jonathan Bowman, Vice President of Loss Mitigation for BGS3, states, ``Many want to pit the homeowner against the bank and the bank against the homeowner. The hard truth is, in a pre-foreclosure situation, both parties are suffering. Both the lender and the homeowner largely benefit from a neutral third party facilitating a cooperative effort that rescues the homeowner from foreclosure and the lender from financial loss.''

Mortgage lenders lose thousands of dollars when a homeowner stops making their mortgage payment. These holding costs keep piling up until the house is sold. Consequently, when it's proven that a homeowner can no longer make their payments or qualify for a loan modification or forbearance plan, most lenders are willing to settle the mortgage debt for less than amount owed (known as a short sale) provided the proper process, documentation, and criteria are completed. BGS3 proactively facilitates the short sale process between the lender and homeowner, saving lenders significant amounts of money in wasted-holding costs.

In order for most lenders to consider a short sale, there must be a contract from a buyer to purchase the house. With BGS3, lenders don't have to worry about low-ball offers from investors or ``phantom buyers'' used just to kick off a short sale negotiation with the lender.

Woods Davis, Vice President of Operations at BGS3, adds, ``Bank loss mitigators are overloaded. They don't have time to waste on bogus offers or incomplete paperwork. Our unwavering commitment is that every short sale packet we send to a lender is in perfect order and includes a true retail contract from a genuine pre-approved buyer. We use the best real estate agents we can find in every market to sell each of our houses for the highest retail price possible.''

Joe Arriaga, who has been a loss mitigation manager for some of the largest banks in the country, says BGS3 backs up what they say. He states, ``BGS3 is by far the best short sale and loss mitigation company I've come across. They do what they say they're going to do. They're honest and we get the deals done.''

Co-founder Jeremy Bowman states, ``We are serious about our commitment to help both the homeowner and lender at the same time. In order for our model to work we must protect that trust, on both fronts, at all cost. We require our employees and agents in the field to be strict facilitators of that trust. That's why we created our certification program, Program 3648.''

BGS3, under Program 3648, trains and certifies professional real estate agents and brokers to service exclusive territories throughout the country. BGS3 provides them unlimited short-sale processing as well as pre-qualified leads that are exclusive to their territory. BGS3's real estate agents must go through strict training in order to qualify to partner with BGS3.

The BGS3 logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4650

          BGS3
          Jeremy T. Bowman, Co-founder
          Direct: 1.502.301-8861
          Office: 1.800.915.1988
          jeremy@bgs3.com
          www.bgs3.com
          www.program3648.org