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September 10, 2008
Foreclosure rates are skyrocketing and millions of Americans are facing the very real possibility of losing their home. Many homeowners are choosing to walk away from their house because they can no longer afford to pay high-interest mortgage notes on real estate which is now worth less than it was when they purchased it.
Foreclosure is also affecting numerous unsuspecting tenants. Oftentimes, homeowners rent their distressed property in hopes of being able to retain their property. If they end up losing their home to foreclosure, tenants are forced to move and generally end up losing their security deposit and advanced rent monies.
February 25, 2008
A Loss Mitigator is an individual who helps homeowners stop foreclosure. Loss mitigators either work directly for the Loss Mitigation Department of a bank or lending institution, as a representative for the lien holder, or an independent agent who works strictly for the best interests of the homeowner.
The main function of a Loss Mitigator is to devise a plan that will allow the homeowner to remain in their home. One of the most common options Loss Mitigators present to homeowners is known as Loan Modification. This type of arrangement allows the homeowner to make partial payments for past due payments and extends the loan terms.