Say you, as the Borrower, fall behind on your Mortgage. You need to catch your delinquent mortgage amount up to ward off going into default and eventually foreclosure. Did you know that before foreclosure occurs, a repayment plan can be proposed to your mortgage holder/lender to satisfy the amount owed?
A Loss Mitigation Specialist can propose several plans or strategies to the lender to put the loan back in good standing.
Lenders always want to avoid the foreclosure process when at all possible. It's much more equitable if a "meeting of the minds" can occur and an agreement made on a repayment strategy in which you, the homeowner and your lender can benefit.
Loss Mitigation can prevent your home from going to foreclosure. This solution to your mortgage problem is based on your ability to pay, not your credit score.
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