What does "loss mitigation" mean?
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- เผยแพร่เมื่อ 9 ก.พ. 2025
- This video defines what loss mitigation means. If you're struggling to pay back your mortgage, you may need to apply for a loss mitigation option.
The information is general and not intended to be legal advice. Contact a foreclosure defense attorney in your state for advice specific to your situation or contact your lender for lender-specific instructions.
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#lossmitigation #loanmodification#mortgagerelief
Oh my goodness, i have gotten 10 different information, and i didn't understand why. Some of the information was incorrect
Lenders say a lot of different things! So frustrating!
Is it possible to negotiate with the Loss Mitigation department after they’re proposed new loan terms (higher interest rate, and additional 10 years on mortgage term length but with same monthly payment)?
Typically, the lenders are providing you the offer that fits within your investor's guidelines for modifications but if you have a private investor, it might be possible. I would suggest taking your offer to an attorney in your state so they can give you advice that relates to your specific situation.
What if the Mortgage Servicer refuses to offer any Loan Modifications and Loss Mitigation Package application?
I wouldn't know how to answer that without more information but it's possible you have a private investor or a different type of mortgage where they don't participate in loss mitigation. I would have that reviewed by an attorney in your state.
great information attorney! do some lenders ignore CFPB complaints? and how do you get them to do anything without filing a lawsuit? In regards to trying to get the lender to offer assistance after the COVID forbearance etc.. thank you
It's not my experience that lenders full blown ignore CFPB complaints. To get lenders to comply without a lawsuit, you need to work on escalating directly with management until you get to a person who has a position of authority. I have some videos about that!
Are you able to do a video on explaining escrow and home insurance questions customers have about their mortgage?
Thank you for asking and yes, I will try! If you have a specific questions or topic related to those things, let me know!
This has been the biggest nightmare of my life. I received forbearance help during covid and it feels like it was a trap. I’m able to pay my mortgage now and I’m working with loss mitigation to move the amount I owe to the back of my mortgage. The process isn’t quick so the bank is continuing with the foreclosure process by sending me mail stating I’m in foreclosure. I don’t understand how this is legal. I’m doing everything they’re asking while they continue with the foreclosure process. So I’ll lose my home if the application isn’t accepted. I feel like I stepped into a trap the second I accepted help.
Hi Omar - I'm so sorry it's so stressful! What state are you located in?
Please heavily look into predatory lending. This very thing has been our continuous nightmare AND our supposed loan was given by a bank who sold us out. We were notified when husband went into bank to make payment. We were never late....until that day. Bank couldnt/ wouldn't give him a single piece on info on the new lender. Since everyone ASSUMES it's perfectly legal to sell you out to other lenders whom you've never communicated with nor agreed upon ANY kind of dealings with said lender. This happened 4 separate times. It gets better.. The bank THEN already forcing us to fall one month behind, still never received info until 2nd month behind. By then it was in the works to change hands again. By the 3rd lender and who knows how many months behind a wreck, job loss, emergency surgery and all kinds of other wrenches we had thrown. The 3rd lender told him over the phone once...the loan was behind and needed to be paid in full to get up to par.
Here We sit ANOTHER lender and 18 months later. Was notified by a NEIGHBOR not the LENDER that our stuff was being auctioned...ONLINE in a cpl weeks. Again. Still never being notified of ANY part of this.
The 1st lending bank also....went out of business. Like the whole strand of em. You put this whole puzzle together and it's def doesn't fit in alpt of place.
Up to current and why I'm here is because " loss mitigation " is take their sweet ass time like 2 to 3 days at a time to get back to anyone and still in the process of this online auction bs. Idk if loss mitigation contacting took us off the chopping block or not. But I will state one thing. This is my home. My land. Bought and paid for and I won't leave quietly nor be " threatened " with charges. I may make news worthy status but there seems to be ALOT of these miss...perceived stories tied to ALOT of paid off homes or homes used as equity.
Also the 1st initial lending bank would NOT lend my husband who had great credit at that time , would not lend the 12 grand loan until the bank had the house and the 53 acres of property it sits on.
He initially was just gonna do the house or just a piece of land. Bb&T wasn't having it. Then. They shut their doors approx a year after initially getting said loan
Hi can you please briefly explain What is REo and how it will works ?
I'm not 100% sure what your question is but REO stands for Real Estate Owned and usually refers (in this context) to properties that have reverted back to the lender following a non-judicial foreclosure auction. If nobody buys a foreclosed home at auction, the home becomes REO property.
Hey there, mortgage about to default 10/22/22 waiting on texas homeowners mortgage assistance but contact with the case worker is prohibited. Cannot go to forbearance bc we won't get assistance. But what choice di we have except wait till the last minute. I hope you get this in time 🙏
I'm not going to be the best person to help you with this because I'm not familiar with Texas law. What you should do is have a consultation with a foreclosure defense attorney to see what your options are and to make sure you understand the TX foreclosure timeline so you know how much time you have. I also don't understand why you're not able to partner with a housing counselor. Every state got HAF funds so that should be an option to explore. Best of luck to you.
@@nadiakilburn-mortgageforec3635 they have funding. We meet all criteria. But there is just no access to the case managers whatsoever. Only can call a service representative and they'll put notations on the applications. Even they don't have access to theni
@@TheEdgeLord Understood. Unfortunately, I can't do anything from here to help since I'm not licensed to practice in your state - I would reach out to some attorneys in your area to get some help.
@@TheEdgeLord hi there - any update on your mortgage status? Were you able to get back on track?
Hi so are the Mitigation ppl really there to helo the Homeowner?
That's definitely a topic for a debate! The individual people who answer the phones seem to be trying to help but my personal opinion is that the banking system is a bit broken in this country, leaning against helping the individual homeowner.
@@nadiakilburn-mortgageforec3635 Thanks for answering, I have one more question. I'm waiting to hear back from the Mitigation ppl. What if they choose to "Short Sale?"(I think that's the verbage they used) But anywho what if they agree on something that I disagree with? Say for instance if they decide it's best to sell my property, would I still have the option to catch up on my payments if I choose to?
@@MrShaw83 Most likely, yes! You need to talk to a foreclosure attorney in your state to find out what the timelines are for reinstatement but most likely you still will have time to pay back what you owe. Your next step is to find an attorney who understands if there is a reinstatement deadline in your state and then they can call you when that would be.
Who can I ask for help to fill the lost midagation application in Nevada so I do it Wright
Hi Jose - I would suggest you look for a HUD Approved Housing Counselor in your county. Google "Housing Counselor" + the county that you live in and then start calling those numbers to see if you can find help.