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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.