Do You Know What Loss Mitigation Means?
If you have not heard of the term loss mitigation and you are in or about to be in foreclosure you will most assuredly become familiar with the term.
If you are in foreclosure and are trying to avoid losing your homes to a Courthouse sale you are inevitably going to have to deal with someone at the bank who will be negotiating the transaction. This person is the Loss Mitigator. His job is to “mitigate” the loss that the bank incurs on sales of this nature.
Mitigate is a fancy word for lessen, make as small as possible, limit…these words all fit in what his job is. What his job isn’t is to sypathize with you or your situation. He is a numbers guy pure and simple. He gets paid on what he collects and saves the bank from losing.
If you decide to go the short sale route you are going to need a very good and experienced representative working on your side who speaks the language of a loss mitigation representative. If not, you’re done!
Loss mitigation – Wikipedia, the free encyclopedia 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 …
Servicing and Loss Mitigation Frequently Asked Questions – HUD Extension of Time – To comply with required time frames, an Extension of Time may be granted for a mortgagee to initiate or complete a Loss Mitigation …
