span class="cap">A assigned Loss Mitigator, you will
Loss Mitigator is a person want to organize financial
who assists individuals documents including pay stubs or
facing foreclosure. Every lending other proof of income, a current
institution has what is known as tax return, list of expenses and
a Loss Mitigation Department. The a proposed repayment plan. It's
function of this department is to also a good idea to create a
review mortgage notes to timeline of events that caused
determine if they are creating a you to fall behind on your
profit or loss for the lender. mortgage note.
Loss mitigators oftentimes work
If you became delinquent
directly for a bank or lending because of chronic illness,
institution. However, they may disability or loss of employment,
also act as a representative for the Loss Mitigator will be more
the Lienholder, or as an willing to assist you. If you
independent agent who works became delinquent because you are
strictly for the interests of the horrible with finances and went
Borrower.
on a spending spree, chances are
Homeowners facing foreclosure good the Loss Mitigator won't
are generally assigned to a Loss have much sympathy and will not
Mitigator who will work directly be extremely eager to assist
with them in an effort to resolve you.
their delinquent account.
This is not to be
Depending on the circumstances misinterpreted as saying you
that caused the individual to should make up a sad story.
default on their mortgage note, Nothing could be further from the
Loss Mitigators may offer a loan truth. If you can't handle your
modification or approve a short finances, it's best to own up to
sale.
it from the start because you
Prior to contacting your will be required to provide
documentation showing how you Short Sale or Deed in Lieu of
spend your money. Don't blow your Foreclosure. Certain criteria
chance for saving your home from must be met before a lender will
foreclosure by fabricating a agree to a Short Sale, including
lie. not having any equity in your
The most common option home and owing more than the home
presented to individuals facing is worth.
foreclosure is known as Loan
With a Deed in Lieu of
Modification. This type of Foreclosure, the borrower must
arrangement allows Borrowers to return their home to the lender.
make partial payments toward the In order to qualify for this type
delinquent amount and extend the of transaction, you must exhaust
terms of the loan.
all other options including
For example, if a Borrower is attempting to sell your home.
three months delinquent on their While this arrangement will not
mortgage note, the Loss Mitigator save your home from foreclosure,
may allow the homeowner to pay it is not nearly as damaging to
one payment and roll the your credit report.
remaining two payments to the end
Keep in mind a Loss Mitigator
of the note. In some instances, can be your best friend or your
they might lower the monthly worst enemy. It is essential to
mortgage payment for a period of be respectful and patient as you
three to six months, or longer, work through the process of
depending on the trying to save your home from
circumstances.
foreclosure or receive acceptance
If you are unable to meet the for a short sale. Take time to
financial obligations of a loan know your rights in the
modification, the Loss Mitigator foreclosure process. Doing so may
can assist you with other make it possible to use the Loss
options. These might include a Mitigation process to get back on
track with your mortgage.
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About the Author:
Simon Volkov is a private Real Estate Note Investor who provides solutions to individuals facing foreclosure, short sales and other financial hardships. If you need to sell your house fast or looking for alternatives to help you avoid foreclosure visit www.SimonVolkov.com today.
Article Tags: loss, foreclosure, mitigator
