Website design By BotEap.comThe number of homeowners facing foreclosure has recently doubled and shows no signs of slowing down. If you’re among those struggling to keep up with rising costs, skyrocketing home loans, and a down economy, you may have heard that mortgage loss mitigation may be an answer to your problems.

Website design By BotEap.comWhat is mortgage loss mitigation?

Website design By BotEap.comLoss mitigation refers to negotiations between you and your lender. The goal is to find a solution that both parties can agree to avoid defaulting on the loan. Most major mortgage lenders have a loss mitigation department that you contact when trying to settle your situation.

Website design By BotEap.comIf this sounds intimidating, you can seek help from your own mortgage loss mitigation professional. Foreclosure specialists work with homeowners and can provide information about the foreclosure process and the options available to you. A foreclosure specialist can also negotiate directly with the bank on your behalf.

Website design By BotEap.comBefore you speak to your bank’s loss mitigation division, it’s helpful to have all your information on hand. You will need a copy of your mortgage, including the terms, expiration dates, and details of the original agreement. You should also do the math to see how much you owe in total and how much you owe in past due mortgage payments. It is also helpful to have income documentation on hand, especially if changes in your income have caused financial problems.

Website design By BotEap.comYou should have an idea in advance of what you hope to achieve by meeting with the bank’s loss mitigation department. Do you have a solution in mind that is fair to everyone’s position? If so, don’t be afraid to suggest solutions and give the bank a chance to consider your request.

Website design By BotEap.comWhile these situations can be uncomfortable, speaking directly with the bank is a good way to avoid foreclosure altogether. By reaching an agreement with your lender, you can get your mortgage back on track and avoid unnecessary hassle and stress.