Loss Mitigation is a procedure that assists by preventing a home from going through foreclosure. It is an attempt that the mortgage industry and federal government make to aid home owners that are countenancing the loss of their homes and finding a substitute to foreclosure. It can also be described as loan workouts and discussions between the lender and homeowner to avoid or resolve default and foreclosure. Characteristically, loss mitigation includes:
- Loan modifications.
- Short sales.
- Forbearance agreements.
- Deeds-in-lieu of foreclosure.
- Any cash-for-keys options.
FLORIDA REAL ESTATE LAW can help individuals in saving their home. Loss mitigation attorneys assist in bringing their mortgage up to date and discover what the paramount alternatives are to help them get there. As genuine property attorneys, we comprehend the mortgage industry and could rally round them in finding a solution with which they can work. Our attorneys also introduce such individuals to programs that will aid them to pay off the amount they be indebted to the bank and/or lender. There are more than a few choices existing for those looking for loss mitigation that we can facilitate them with. Our protection of foreclosure may allow them to:
- Reschedule the foreclosure of their home.
- Allocate time to put their home on the marketplace in either a conventional sale or short sale.
- Discuss a loan adjustment or a compensation workout to re-establish their loan.
Hiring FLORIDA REAL ESTATE LAW for the proper assistance and guidance in loss mitigation will be the wisest decision.