Loss Mitigation

What is Loss Mitigation?

Loss Mitigation is a service whereby a firm handles the process of negotiation between a homeowner and a homeowner’s lender

. Typically, loss mitigation experts negotiate new mortgage terms with a lender to help a homeowner avoid foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash for keys negotiation, or another loan work out. All of the options listed serve the same purpose: help the homeowner stop foreclosure! The process is called Loan Modification and it is available to you now!

What is Loan Modification?

Loan modification is a service whereby a homeowner's mortgage is modified and both lender and homeowner are bound by the new terms

. The most common modifications are a lowering of the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, increasing the loan term, forgiveness of payment defaults & fees, or any combination of these.

Will my Lender Modify My Loan?

Your lender is now obligated to work with you under President Obama's 'Making Home Affordable' program recently introduced. The program has outlined the guidelines on who is eligible for loan modification and the process that must be followed by both homeowners and lenders. With the information now available, servicers can begin immediately to modify eligible mortgages under the Modification program so that at-risk borrowers can better afford their payments. We can provide you with detailed guidelines to determine your eligibility and options. First, you must fill out the form on the right to get the process started.

Can I Negotiate A Loan Modification On My Own?

Of course. However, negotiating and closing a loan modification is like representing yourself in court: it is possible, but you must decide if you are willing to take the time and assume the risks on what is likely to be your most valuable asset. There is no such thing as a 'Do-It-Yourself' Loan Modification. A Loan Modification is a complicated legal procedure. Many times homeowners turn to Foreclosure-Shield.com because they have reached a dead end when attempting to negotiate a loan modification on their own. For a real life example of the frustration that can result from the Do-It-Yourself Loan Modification, please see this ABC News Investigation on Loan Modification.