What is loss mitigation?

Answer by  vbkevin57 (43)

Loss mitigation is the process of a lender and a homeowner working with an outside party to avoid foreclosure on the home. The loss mitigation team member will work to find a middle ground betwen the needs of the homeowner and the needs of the lender in order to prevent foreclousre.

Answer by  vmartin225 (14)

Loss mitigation service is a third party service that works between a mortgagee and a bank to keep a home from being foreclosed on. Loss mitigation services work between the lender and the loan holder to find a fair solution that meets the needs of both parties.