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
  • When Is the Right Time to Call a Foreclosure Defense Attorney?

    … of financial difficulty take control of their situation through a variety of legal tools. If you are in Long Island, Nassau, Suffolk, or the surrounding areas, please call our office at 631-479-2455 to schedule a free consultation today. 1 http://www.dfs.ny.gov/banking/hetpfneng.pdf 2 http://www.dfs.ny.gov/reportpub/fore_proc_report_052015.pdf …

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

    … modifications are still an important option for loss mitigation in lieu of losing your home to foreclosure. Throughout the housing crisis and in the years since, millions of homeowners have sought private modifications of their home loans directly from their mortgage lenders and this option remains available. The end of HAMP may bring some change…

    Ronald D. Weiss, PC- 11 readers -
  • Standing and the Possession of Original Loan Documents in a New York Foreclosure

    … and note, as all interaction is with the mortgage servicer. A mortgage servicer is the party contracted by the owner, under a Pooling and Servicing Agreement[3] (PSA), to manage the loan, including, send statements, collect and apply payments, run the escrow analysis, make tax and insurance payments, and engage in loss mitigation if the borrower falls behind…

    Ronald D. Weiss, PC- 31 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

    … with the homeowner. Ask anyone going through a foreclosure and most will tell you they have a hard time getting anyone at the bank to answer the telephone. But have a face-to-face meeting? It never happens. The complaint against U.S. Bank, however, claims that the bank falsely certified to HUD that it was in compliance with these loss mitigation…

    Due Diligence- 17 readers -