Loss Mitigation

Loss mitigation is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash-for-keys negotiation, a partial claim loan, repayment plan, forbearance, or other loan work-out.
Posts about Loss Mitigation
    • What Constitutes Good Faith Negotiations in a New York Foreclosure Case?

      As of December 15, 2009, New York promulgated a civil practice rule1 that requires the parties to a foreclosure action to participate in a mandatory settlement conference with the court within the first 60 days after service of process. The purpose of this conference is to determine whether the parties can reach an agreement to help the defendant avoid losing his or her home.

      Ronald D. Weiss, PC- 10 readers -
  • When Is the Right Time to Call a Foreclosure Defense Attorney?

    … When Is the Right Time to Call a Foreclosure Defense Attorney? It is only natural to feel devastated to receive a legally-required notice in the mail telling you that you have 90 days to correct your mortgage delinquency or you may face a foreclosure action in New York civil court. If you do not have the funds to cure your delinquency…

    Ronald D. Weiss, PC- 28 readers -
  • The Expiration of HAMP: What Options do Homeowners Have Now?

    … into this year to help ensure the transition after HAMP was as smooth as possible. The options for modifying your loan under HARP are more limited than they were through HAMP and the criteria to qualify is different,6 though it can still be a beneficial program for the next few months. Fannie Mae Flex Modification Program – The federal government did…

    Ronald D. Weiss, PC- 10 readers -
  • Looking for CENLAR Insider

    … the claims of one of our clients, a homeowner that says Cenlar routinely violates HUD’s loan servicing and loss mitigation guidelines. HUD recognizes that communities are still experiencing high rates of foreclosure, as well as an increase in the number of homeowners at risk of foreclosure. Each foreclosure event represents a potentially devastating…

    Due Diligence- 22 readers -
  • Home Foreclosures May Signal New Round of Whistleblower Claims

    … privilege and kept strictly confidential. MahanyLaw – America’s Whistleblower Lawyers Find me on Google +! This entry was posted on April 22, 2015, 4:19 pm and is filed under Foreclosure Defense, Fraud Recovery. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed. …

    Due Diligence- 17 readers -