Loan Modification

Simply put loss mitigation is a set of programs that are designed to prevent a home from going into foreclosure. Many banks and lenders have loss mitigation departments that handle mitigation issues.

Loss mitigation can be handled by the bank or a third party that has been hired by the borrower. Often homeowners choose to work with a third party for loss mitigation, because they know that the hired specialist is looking out for their best interests.

Most loss mitigation programs alleviate the problem temporarily, but a high percentage of homeowners fall back into the same financial issues shortly after using a loss mitigation specialist.

We recommend applying for a loan modification instead of using a loss mitigation specialist. When our attorneys negotiate a loan modification for you, it is much more likely to be a permanent solution.