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July 08, 2008
Bank loss mitigation is a special division of mortgage lenders. This division oversees delinquent accounts and assists borrower's who have fallen behind on their mortgage payments. Employees of the bank loss mitigation department are known as loss mitigators. Homeowners delinquent on their mortgage note or facing foreclosure are assigned to a bank loss mitigator. These specialists work with borrowers to help them devise a plan to become current on their past due payments and avoid foreclosure.
The primary function of bank loss mitigation is to review investments and determine when to sell or trade them. Sometimes, bank loss mitigation will sell mortgage notes to another lender in order to reduce their losses. Oftentimes, selling delinquent mortgage notes benefits the borrower. Other times, it can force the borrower into foreclosure.