What is Foreclosure Loss Mitigation?
Foreclosure loss mitigation is the process that mortgage lenders use to work with homebuyers who are behind on their mortgages. You may be able to modify your mortgage, obtain approval of a short sale, or otherwise more efficiently surrender the property to your lender. Loss mitigation in Virginia and Maryland is very different from loss […]
Foreclosure Non-Retention Options
If you have a property in foreclosure, your mortgage lender will likely send you all sorts of correspondence. You may have modification or reinstatement options, which is great if you want to retain the property. But for a variety of reasons, the bank or servicer may not be willing to entertain modification or refinance. In […]
Loss Mitigation Waterfall Should Continue Post-MHA
In July 2016 the Consumer Financial Protection Bureau (CFPB) released a report titled Guiding Principles for the Future of Loss Mitigation. The report lists several “lessons learned” from the financial crisis and makes recommendations to mortgage lenders and servicers for a post-MHA era. One specific suggestion is the permanent adoption of the loss mitigation “waterfall” model. The […]