Loss Mitigation and Avoiding Foreclosure

11 Mar Loss Mitigation and Avoiding Foreclosure

It sure can get confusing to Google either phrase in this title. And it gets even more confusing to look into the services that are offered by the “hit” companies.

Loss mitigation can be a valuable service, where a mortgage lender works with you to avoid foreclosure. Perhaps the missed payments are added to the end of the mortgage (along with 30 years’ more interest on them, by the way!), or perhaps you are given up to 12 months’ larger payments to make up for what you missed. The mortgage lender itself can do this, and other companies can help you complete the required forms if you need that assistance.

Some companies won’t tell you that you cannot be helped until very shortly before the actual foreclosure sale, well after you’ve paid them their fees, which leaves you with extremely little time to work with a bankruptcy attorney and save your home. Beware, and be careful to watch the deadlines.

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L. Jed Berliner practices exclusively in consumer bankruptcy, foreclosure defense, and related consumer protection litigation such as credit card defenses and suing debt collectors. He established his Springfield, MA practice in 1988. Attorney Berliner is a regular and active contributor to the Bankruptcy Law Network, the Bankruptcy Roundtable, and the National Association of Consumer Bankruptcy Attorneys, three specialized consumer bankruptcy forums on the Internet, and is an informal mentor to regional practitioners. He is recognized by his peers as an expert in consumer bankruptcy issues. He thoroughly enjoys being rated "excellent" in his client surveys.

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