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April 23, 2008

Bank Loss Mitigators

Bank loss mitigators are individuals who work with homeowners facing foreclosure. Typically, loss mitigators are representatives of the Loss Mitigation Department of banks and lending institutions. However, they might also be independent agents who work directly with the homeowner and assist in negotiations with mortgage lenders.

The primary duty of bank loss mitigators is to help homeowners devise a plan that will enable them to either remain in their home or obtain a short sale. Loss mitigators review the homeowner’s financial situation and help them determine which plan will be in their best interest.

Real Estate Investing article on "Bank Loss Mitigators"