Before we answer the question What Is Home Loss Mitigation and The Mortgage Mitigation Process? lets clear up what Home Loss Mitigation means. Mitigation comes from Latin meaning to do soft. The modern meaning is to make softer, make less strong or less damaging. So mitigation of loss then means making loss less severe or damaging. When we are talking about home loss mitigation or mortgage mitigation this usually refers to the mortgage loss mitigation process that protects a lender's or mortgage owner's investment.
For the lender this is the action of making the loss on a mortgage less costly or less financially damaging.
For the homeowner this usually involves either hiring a loss mitigation specialist to renegotiate their mortgage or dealing directly with lender to avoid the mortgage foreclosure process.
While dealing with the lender's mortgage loss mitigation department may be free, as the name implies, you are dealing with the lender's employees and they have the lender's best interest at heart.
While your intentions are in your own best interest when dealing with your lender's loan resolution department, you may mistakenly think your best interests are being served best by dealing directly with the lender as it is "free".
Unless your lender is very helpful, you may be taken advantage of if you think this. For this reason here is where you should consider hiring a mortgage loss mitigation specialist who will represent you and your best interests.
Now for the meat and bones of What Is Home Loss Mitigation and The Mortgage Mitigation Process? Mortgage loss mitigation works to renegotiate loan terms between the lender and homeowner to avoid the mortgage foreclosure process.
There are six main methods used in the home loss mitigation process with possible variations and combination.
Your lenders loan workout can benefit you, but you must remember it is not a guarantee you will keep your home.
The intention of Home Loss Mitigation/Mortgage Mitigation Dept is to negotiate a solution for the lender, that owns an at risk loan, to make the mortgage current and avoid the costly mortgage foreclosure process thereby losing the least amount of income on his investment.
If you keep in mind you are presenting a solution that will help the lender financially, you can work out a solution that will also benefit you. If you cannot afford the loan even after a mortgage loan modification, forbearance or short refinance these are not options available to you and you have to use an option that includes giving up your home.
There is a Loan Modification Test Service that will run your mortgage through the same tests using the same databases your lender uses. You can see exactly what mortgage mitigation options make the most financial sense to your investor. You will receive a 12 page report that explains in simple terms exactly what loan modification or forbearance programs you qualify for right now. You will know within two days what home loss mitigation plans you should be submitting for. No mystery of what you qualify, no worrying for months wondering if you will be approved.
Run Your Own Loan Modification Test Here
Yes do try to work out a home loss mitigation option that allows you to stay in your home but recognize when you need to let the house go.
There are times when foreclosure is the best financial solution for the lender. If foreclosure is the best way for a lender to cut his losses then you need to realize you can not keep your home.
So this is the time to negotiate a short sale with your lender, then if you can not sell, negotiate cash for keys with Deed in Lieu of Foreclosure as you last resort. Any of which are better than a foreclosure for both you and your lender.
If you wait to long to negotiate your options the only option left will be a foreclosure sale. You can just do nothing and be evicted from you home even when earlier it was possible to negotiate and keep your home.
There is HOPE For Homeowners
Something Can Be Done About It
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