How Do You Successfully Use Loss Mitigation To Stop The Foreclosure Process?
With the number of home foreclosures on the rise, lenders are scrambling to help home owners stay in their homes. Using loss mitigation can help you keep your home. Loss mitigation can successfully be used to stop the foreclosure process but you must be proactive. If you contact your mortgage holder when you first realize that your payments have become more than you can afford, they will be much more willing to work with you than if you wait until you are 1-2 payments behind. Start by calling the customer service line of your mortgage holder. Provide the customer service representative a brief idea of what you are calling for and ask if the mortgage company has a loss mitigation department. If not, ask for a supervisor. Once you are in contact with someone that can actually make decisions, they may ask for several documents to support the basis of your request. You may be required to forward copies of your pays stub or utility bills. The mortgage company needs to determine that you are
