Mortgage Loss Mitigation

Loss Mitigation: What You Need To Stop Foreclosure

If you're facing the foreclosure process, it is time that you relax because there are some options for you to consider that can stop the foreclosure process. Those options are a part of what is called mortgage loss mitigation.

Programs established under loss mitigation were put in place by the mortgage industry and the federal government to prevent and lower the number of foreclosures. These programs serve as alternatives for those who have fallen behind on their mortgage payments. These programs reduce future burden on both the borrower and the lender. However, the lender may have certain rules regarding how these programs are used and what programs are used within their financial institution. That is when you may need to seek the assistance of a loss mitigation service.

The service employs loss mitigation specialists who review each and every case to use such loss mitigation programs such as:

  • Deed-in-lieu of foreclosure - You agree to give up your deed to the lender and the lender aggress to not foreclose.
  • Short sale - You are able to pay off the mortgage for a portion of what is owed. However, you may have to satisfy the remaining balance. Some lenders do forgive that unpaid amount, though.
  • Loan modification - This entails the terms of your loan changing with the lender's approval.
  • Repayment plan - This is great for a short-term financial hardship and must be agreed upon by the lender.
  • Forbearance - This is also a short-term solution in case you have developed a financial hardship.

These are all options under loss mitigation that you can qualify for. If you are not sure where to start, fill out our online for or give us a call for a free no-obligation consultation. Let us evaluate your situation and pick the program that is right for you. Our loss mitigation negotiators are waiting to help you avoid the consequences of foreclosure. No one should have to go through that, so we want to help.

 
 
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Foreclosure | Avoid Foreclosure | Mortgage Foreclosure | Loss Mitigation | Short Sale

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