What Does Loss Mitigation Mean?

Описание: http://www.alabamaconsumer.com/2015/0...

Loss mitigation means to avoid a foreclosure. Within loss mitigation we have:

Loan modification
Short sale
Deed in lieu of foreclosure
etc.

If you are falling behind on your mortgage, it makes a lot of sense to ask your mortgage company to give you loss mitigation. Normally you will fill out a package -- a loss mitigation package -- and then the mortgage company will let you know what you are entitled to (assuming they tell you the truth).

When you deal with your mortgage company on loss mitigation, you have to be very careful that you are getting accurate information from your company. When in doubt, send "request for information" and "notice of error" letters which we discuss in other videos.

These are letters giving the mortgage company a chance to fix errors and/or give you requested information. When they don't do this, you can sue in federal court for money damages which tends to motivate these companies to do the right thing.

If you have questions about your options when facing a foreclosure, especially with how the new RESPA laws can help you with loss mitigation, please feel free to get in touch with us by calling us at 205-879-2447 or contacting us through our website AlabamaConsumer.com.


John G. Watts
Watts & Herring, LLC
Birmingham and Madison Offices in Alabama

No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. Our free weekly webinar is here -- https://my.demio.com/ref/ZHxa8NhYRNAp... -- on Thursday we'll be talking about some of the new FDCPA rules. Join us if you can!

"No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers."