What is loss mitigation?

Loss mitigation is the process of borrowers and mortgage servicers working together to create a plan to avoid foreclosure. This can be done in several different ways, including through forbearance, repayment plans, loan modification, short sale and deed-in-lieu of foreclosure. What Does Loss Mitigation Mean?

What is mortgage loss mitigation?

Loss mitigation is a process in which your mortgage lender works with you on a repayment plan if you’re struggling to make payments. There are a few different options within loss mitigation to help borrowers stay in their homes even if they are having trouble with mortgage payments to avoid foreclosure.

Will new loss mitigation options help borrowers struggling with mortgage payments?

Updated loss mitigation options will help borrowers struggling with their mortgage payments to avoid foreclosure. WASHINGTON - Today, the Federal Housing Administration (FHA) is announcing that it is expanding and enhancing its set of loss mitigation options used to help borrowers struggling to make mortgage payments on their FHA-insured mortgages.