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February 25, 2008
Be Nice to the Bank Loss Mitigator!
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.
Real Estate Investing article on "Be Nice to the Bank Loss Mitigator!"
January 12, 2008
What is Loss Mitigation?
Every bank has a Loss Mitigation Department which analyzes investments to ensure the bank to limit it losses. It is the job of a Loss Mitigator to determine when to sell investments which are creating a loss.
Individuals facing foreclosure must work directly with the Loss Mitigation Department. The first step of the process will help homeowners develop a plan to either save their home or give it back to the bank using a strategy known as Deed in Lieu of Foreclosure.