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Dec
21
Loss Mitigation to Stop Foreclosure
ByAvoid Foreclosure San Diego
Here is another option to stop foreclosure. It is called Loss Mitigation, and every lender offers this to homeowners to save their home.
Loss mitigation means you have the right to contact your lender, and see if there is a way for you to get caught up with your home loan. If you present your case effectively, you will be able to qualify for a home loan workout plan.
However, this can be harder than it may seem at first. Lenders can make it tough to get to the right people to see if you can save your home with Loss Mitigation.
The people you want to talk to are in the “Loss Mitigation” department of your lender. But many lenders don’t routinely route borrowers to that department until they’ve missed several payments.
Until then, (like if you are only 30 or 60 days late) you might be dealing with the lender’s collections department, which typically offers one option…. pay up in full right now!!!
So if you have called the 800 number on your monthly mortgage statement, you are probably dealing with your lender’s Collection Department. Insure that you actually ask for the Loss Mitigation Department if you contact the 800 number on your mortgage statement.
How To Avoid Foreclosure San Diego
