Agent's Advice, Economic Focus, Foreclosure, General Interest, Mortgage & Financing »

What is Mortgage Loss Mitigation?

It is the process of alleviating (mitigating) losses to the lender and the Homeowner. Loss Mitigation is guided by a desire to:

1. Decrease financial losses for the lender.
2. Keep Homeowners in their homes, or if the Homeowner is unable to keep their home or desires to relocate, work with the Homeowner to sell the property, and retain their equity.

Lenders don’t want to foreclose.
Homeowners don’t want to lose their homes.

In today’s tight economy, we are all just a pay check away from needing to know just exactly what Loss Mitigation is and how it can benefit us.

To Understand Loss Mitigation, You’ve Got to Realize This:

How Your Mortgage Company Responds to Homeowners That Fall Behind On Mortgage Payments?

How Homeowners React When They Get Behind On Their Mortgage Payments?

Disregard Notices	Avoid Answering The Phone	Do Nothing

This is where Loss Mitigation comes in and it can prevent your home from being lost to foreclosure. An experienced Loss Mitigation Specialist can propose several plans or strategies to the lender to bring your loan current and back in good standing. Most lenders want to avoid the foreclosure process when at all possible. It’s much more equitable if a “meeting of the minds” can occur and an agreement made on a repayment strategy in which you, the homeowner and your lender can benefit.

This Loss Mitigation solution to your mortgage problem is based on your ability to pay, not your credit score.The Loss Mitigation Specialist can be an employee within the Foreclosure department of your own Mortgage Company, or Experienced Real Estate Professional that has been trained as a Loss Mitigation Consultant (”LMC”). Because Borrowers are so reluctant to contact employees from their own mortgage company, most of the nation’s largest Mortgage Lenders count on certified LMCs to contact homeowners on their behalf, to explain options to avoid foreclosure.

No matter what Loss Mitigation Specialists you consider, they should be interviewed regarding experience in dealing with certain banks/lenders and knowledge of repayment plans, real estate financing and laws. Good communication skills are essential for the Specialist to be effective.

Titanium Solutions is one of the nation’s leading providers of Loss Mitigation and Default Management Services. We are proud to be associated with Titanium Solutions as Loss Mitigation Specialist. We have extensive experience in Loss Mitigation and have successfully negotiated many Loss Mitigation opportunities for Borrowers on behalf of several lending institutions. We are well versed on a myriad of repayment plans and can provide multiple strategies for fulfilling loan repayments depending on the type of loan debt or reason for delinquency.

Through Titanium I have seen many a relieved, smiling faces from families who thought there would be no way for them to ever be able to keep their homes. Those have been some of the most rewarding experiences of my professional career.

As Real Estate Professionals, it’s our goal to help people achieve the dream of homeownership. As a Loss Mitigation Specialist, it’s our goal to help you retain it.

The underlying principle to follow is that in Loss Mitigation every case is an exception to the rules.

Click Here For a Glimpse of the Process

Agent's Advice, Economic Focus, First Time Buyer, Foreclosure, General Interest, Pre-Foreclosure »

Can a video posted to YouTube™ keep troubled borrowers from losing their homes to foreclosure scam artists? Knowing that one-in-four delinquent borrowers visit the Internet looking for foreclosure help and assistance, Freddie Mac*, one of the nation’s largest investors in residential mortgages, has produced a two-minute YouTube video internet video dramatizing a common foreclosure fraud scam using professional actors to demonstrate and warn borrowers how con artists:

• Get copies of foreclosure notices
• Persuade distressed borrowers to give up the deeds in exchange for solutions to their foreclosure problems
• Add insult to injusry by using those deeds to secure new loans then
• Pocket the money and walk away
• Let the new loans go into foreclosure, leaving the unsuspecting homeowner in worse financial shape before they end up still losing their house.

If you are delinquent on your mortgage - CALL YOUR LENDER or contact us!

Watch the YouTube video here

By working with their servicers, Freddie Mac is now helping an average of 1,000 delinquent borrowers a week avoid foreclosure through Loss Mitigation workout options. Let us show you how to be one of them.

*Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.