How Do You Become A Loss Mitigation Specialist?
A loss mitigation specialist is someone who may just save your entire life savings off mortgage delinquency or property foreclosures. As a loss mitigation specialist or simply a loss mitigator, as they are often called, you need to know how to deal with the multitude of different cases that come your way to keep people from losing money and property. Loss mitigation is normally found in banks that set up a specific department to analyze and mitigate the loss of the bank. It has evolved into other forms such as third party firms helping both the borrower and the lender, mostly in the mortgage industry. Popular terms associated with loss mitigation are deed-in-lieu of foreclosure, short refinance negotiations, special forbearance, loan modifications, short sale, cash-for-keys negotiation, partial claim and the like. Conclusion is, you will be the negotiator. It may sound a tough job to handle but to be successful in this line of work, all you need is a good arsenal of communication skill
