loss mitigation department
Loss Mitigation: Stop Foreclosure
July 1, 2009 by hope002 · Leave a Comment
As the current economy steadily beats up the American homeowner, many of these Homeowners facing financial hardship find themselves at risk of foreclosure or may already be in foreclosure. At this point it is a Homeowner scramble to stop foreclosure.
Homeowners who need to stop foreclosure do so through a process practiced by mortgage companies called loss mitigation.
Loss Mitigation- The process and action of minimizing losses in situations where loss has already incurred or is very likely to occur. Mortgage related loss mitigation often results in mortgage workouts such as loan modification or even a mortgage refinance through the Making Home Affordable Plan.
Loss Mitigation results will often allow the Homeowner to stop foreclosure by obtaining a mortgage workout such as loan modification.
Optimizing your opportunity to stop foreclosure and obtain loan modification through the loss mitigation process.
- Make sure that you write and submit a solid hardship letter
- Your Budget should be done correctly and it should convey a financial picture to the loss mitigation department that clearly shows that you can afford your home by a simple and feasible loan modification or other form of mortgage workout.
- They, the loss mitigation department, need to believe that allowing a mortgage workout such as modification or mortgage refinance will make home affordable for you the homeowner. If they do not believe anything can be done then nothing will be done.
Due to the nature and importance of you financial package and hardship letterit is a good idea to reference some resources that are available on-line.
HopeNHousing.Orgis a great place to start and get help with your budget and hardship letter as well as just obtain some More general information about loan modification, loss mitigation, and how to stop foreclosure. They can be found at the link below.
