Foreclosure:

Loss Mitigation

The term loss mitigation refers to the options available to lenders and borrowers looking for ways to avoid home foreclosure. Loss mitigation can be initiated by either the lender or the borrow and negotiated directly between the parties, or by a professional third party working in the best interest of the homeowner. The primary goal of loss mitigation is for homeowners to keep their houses and for banks to minimize their losses. Under loss mitigation proceedings,  the homeowner typically must arrange a way to pay off their mortgage as well as any late payments that may have accumulated. However, a repayment plan is arranged so that the payments are realistic for the homeowner to actually pay off.

Depending on the circumstances, loss mitigation options available to homeowners may include:

  • -Loan Modification
  • -Short Refinance Negotiation
  • -Short Sale Negotiations
  • -Cash for Keys
  • -Deed in Lieu of Foreclosure

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