Stop Foreclosure

For The American Homeowner

Loss Mitigation: Stop Foreclosure

Preventing Foreclosure through Loss Mitigation Negotiations

As the current economy steadily beats up the American homeowner, many are now or will soon be facing financial hardship. More and more homeowners will find themselves at risk of foreclosure.

Homeowners stop foreclosure through the loss mitigation department. Every mortgage lender has a loss mitigation department or function.

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.
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July 1, 2009 - Posted by | finance | , , , , , ,

3 Comments »

  1. Loss Mitigation is in deed a important role in this economic recovery. Homeowners should become familliar with the basics of loss mitigation, loan modification and any and all government mortgage assistance programs such as the making home affordable program or the Hope For Homeowners Mortgage Refinance Program.

    You can learn about many of these topics @ http://stopforeclosureshere.blogspot.com

    Comment by New Hope For Homeowners | July 3, 2009 | Reply

  2. […] and time of financial hardship the term loan modification is primarily known as a mortgage industry loss mitigation solution. Thus this post will refer to it in that […]

    Pingback by What Is Loan Modification? « Stop Foreclosure | April 12, 2010 | Reply

  3. I have been going through a difficult period. I want to keep my home, but can’t get my lender to work with me. I’ve been searching for all possible solutions I could get and glad I found you. Your program would be the best solution.

    Comment by predatorpreying | January 7, 2012 | Reply


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