Please note that the content of this book primarily consists of
articles available from Wikipedia or other free sources online.
Loss mitigation is used to describe a third party helping a
homeowner, a division within a bank that mitigates the loss of the
bank, or a firm that handles the process of negotiation between a
homeowner and the homeowner's lender. Loss mitigation works to
negotiate mortgage terms for the homeowner that will prevent
foreclosure. These new terms are typically obtained through loan
modification, short sale negotiation, short refinance negotiation,
deed in lieu of foreclosure, cash-for-keys negotiation, or a
partial claim loan or other loan work-out. All of the options serve
the same purpose, to stabilize the risk of loss the lender is in
danger of realizing.
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