What is Loss Mitigation?

What is Loss Mitigation Florida Foreclosure Lawyers Free Consultation

Have you been struggling with your mortgage? Is foreclosure a worry that is looming over your head? We can help you learn about your options. One of those options to prevent foreclosure is loss mitigation. This is a viable option for those who are in need of stabilizing their finances.

To learn more about this, please keep reading. We would also be happy to set you up with a free consultation with our Florida foreclosure defense lawyers.

Types of Loss Mitigation

Loss mitigation can be defined as a way to alleviate the financial loss that the bank is going to face if you were to go through foreclosure. Believe it or not, banks want to avoid foreclosure because it often means that they are going to lose money.

There are several ways you can do this. Our lawyers would be happy to walk you through it step by step. In the meantime, here are the ways you can prevent foreclosure.

One of your options is to have a modification done to your loan. This will be a new agreement between you and your mortgage lender. Your mortgage will have new terms such as an extended timeline or a reduced interest rate. This allows you to keep paying your mortgage but for a more affordable monthly payment.

Another option you have is a short sale. This is when you have your mortgage lender agree to take a payoff that is less than what you owe on the home. You would be selling the home for its market value of it. You will have this option only if you owe more on the house than what it is worth.

If you would like to learn more about your options, please get in touch with our Florida foreclosure lawyers right away.

Will Loss Mitigation Help Prevent Foreclosure?

A loan modification is going to help you prevent foreclosure. The only way it wouldn’t help you is if it is determined that you can afford your mortgage as is, and you are denied any modification to your loan.

That would mean that if you end up in foreclosure after you have been deemed able to pay these mortgage payments, you are technically going through with a voluntary foreclosure, which some people choose to do.

That is called a deed in lieu. It is also a way to mitigate losses. If this is something that you are interested in, we can help you understand the pros and cons of a voluntary foreclosure further during a free consultation.

Call Our Florida Foreclosure Lawyers Today

When you want to talk about loss mitigation with our Florida foreclosure defense lawyers, we would be glad to get you set up with a free consultation. All you have to do is give us a call or fill out a request to set up your consultation right away.

From there, we will guide you through your case every step of the way. You will not need to worry about figuring it all out by yourself. We hope you reach out soon so that we can get started on helping you right away.

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