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Loss mitigation is a way for mortgage lenders to help borrowers who are struggling to make their monthly payments avoid losing their homes. You can keep your home with many loss mitigation options ...
Loss Mitigation was only needed for extreme cases due to the homeowners ability to repeatedly refinance and avoid defaulting. Beginning in 2007 the mortgage industry nearly collapsed. Large numbers of lenders went out of business and the rest were forced to eliminate all of the loan programs that were most prone to foreclosure. [6]
This program was called the “Residential Mortgage Foreclosure Mediation” (RMFM) Program. The idea was for lenders to provide an in-person or telephonic meeting with the Homeowner/Defendant in the presence of an impartial mediator to discuss the Foreclosure Lawsuit and possible alternatives (including Loan Modification, Deed in Lieu of ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
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Mortgage calculators are automated tools that enable users to determine the financial implications of changes in one or more variables in a mortgage financing arrangement. Mortgage calculators are used by consumers to determine monthly repayments, and by mortgage providers to determine the financial suitability of a home loan applicant. [ 2 ]
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