Loss Mitigation Department

The loss mitigation department is the division of a bank that is designed to make the decisions that minimize the bank’s losses. In today’s current economy, every loss mitigation department of every lender is in crisis mode trying to minimize these losses the banks are taking during this extreme market correction. Any bank that financed mortgage backed securities over the past six years is taking major losses. One in four loans originated between 2005 and 2007 is predicted to default. This means that your countless calls with no little to no leeway are not personal, just not feasible to handle. Loss mitigation departments are forced to prioritize those who are easy cases that fit their given loan modification guidelines. This fact changes when you are represented by a modification company and an attorney. When they see that your situation is broken down in an accurate and thorough analysis including a solution that the bank will agree upon, you will move to the top of their list. The proposed solution will be designed to fit the individual investor’s requirements while highly benefiting you. This will put your loan modification process is in hyper drive. When banks are dealing with the threat of foreclosure combined with the threat of litigation, red flags at the loss mitigation department rise. They know that they stand to lose and would rather settle for a drastic modification. Hiring the right team of modification professionals and attorneys is your way of strong-arming loss mitigation departments.