How Loss Mitigation May Be The Best Solution To Stop Foreclosure
- Date: 2007-08-10 - Word Count: 370
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As property foreclosures continue to surge across the country homeowners and lenders alike are seeking new ways to prevent this from happening. One method is loss mitigation. It is a set of tools the lender uses to stop foreclosure. These may include a pre-foreclosure sale, deed-in-lieu of foreclosure, loan modification, and mortgage refinancing. One main goal of loss mitigation is an agreement between the lender and homeowner to repay past due payments within an agreed upon period of time. Loss mitigation is one method being explored as a means to satisfy the needs of both lender and homeowner.
Although the process has been around for years, loss mitigation is considered a new concept to most homeowners. Lenders and property owners alike are looking at loss mitigation as one of many options to try to stop a home foreclosure before it occurs. The ultimate goal for using loss mitigation is about keeping the home owner in their home, and the lender not being saddled with another property in its inventory.
One question regarding loss mitigation is whether or not the homeowner should get become directly involved in the process. Unless the homeowner has the time to spare for not only negotiations during the process, but also educating themselves as well, then they should seriously consider hiring a third-party to handle the negation process. The key to this decision should always be the time element. The clock is always working against the homeowner in this situation so it is important to take prompt action.
Loss mitigation has proven to be an inexpensive and faster alternative to home foreclosure. The process benefits not only the homeowner, but the lender as well, as it allows the lender to avoid the very costly and time-consuming processes of legal foreclosure action, and the homeowner may get to stay in the home as well avoiding long-term credit damage.
Loss mitigation today means effectively understanding borrower's unique situations and proactively, quickly and consistently responding with the most optimal outcome possible.
Loss mitigation is an intervention program designed to help homeowners save their homes from foreclosure, through third-party negotiations with the lender or investor. Loss mitigation is often the better choice for the homeowner that is trying to save their home from foreclosure.
Although the process has been around for years, loss mitigation is considered a new concept to most homeowners. Lenders and property owners alike are looking at loss mitigation as one of many options to try to stop a home foreclosure before it occurs. The ultimate goal for using loss mitigation is about keeping the home owner in their home, and the lender not being saddled with another property in its inventory.
One question regarding loss mitigation is whether or not the homeowner should get become directly involved in the process. Unless the homeowner has the time to spare for not only negotiations during the process, but also educating themselves as well, then they should seriously consider hiring a third-party to handle the negation process. The key to this decision should always be the time element. The clock is always working against the homeowner in this situation so it is important to take prompt action.
Loss mitigation has proven to be an inexpensive and faster alternative to home foreclosure. The process benefits not only the homeowner, but the lender as well, as it allows the lender to avoid the very costly and time-consuming processes of legal foreclosure action, and the homeowner may get to stay in the home as well avoiding long-term credit damage.
Loss mitigation today means effectively understanding borrower's unique situations and proactively, quickly and consistently responding with the most optimal outcome possible.
Loss mitigation is an intervention program designed to help homeowners save their homes from foreclosure, through third-party negotiations with the lender or investor. Loss mitigation is often the better choice for the homeowner that is trying to save their home from foreclosure.
Related Tags: refinancing, foreclosure, avoid, stop, loss mitigation, pre-foreclosure, keep the home, sell the home
SaveMeFromForeclosure.com is a forerunner in the foreclosure prevention service industry, helping people to avoid foreclosure and keep or sell their home. Our experience, along with our passion to help homeowners through this challenging time, set us apart from the competition. We only succeed if you are able to stop foreclosure on your home with our assistance. Visit our website or call us at 1-888-472-8380 for a no-obligation consultation. Your Article Search Directory : Find in Articles
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