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Loss mitigation has been a tool used by lenders for decades, but experienced tremendous growth since late 2006. [4] This rapid expansion was in response to the dramatic increase in foreclosures nationwide. [5] Prior to late 2006, early 2007; Loss Mitigation was a tiny department within most lending institutions.
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 ...
For example, consider a tenant who signs an agreement to rent a house for a year, but moves out (and stops paying rent) after only one month. The landlord may be able to sue the tenant for breach of contract: however, the landlord must mitigate damages by making a reasonable attempt to find a replacement tenant for the remainder of the year.
Status of Local Hazard Mitigation Plans from FEMA as of March, 2018. A Local Mitigation Strategy (LMS) or Local Hazard Mitigation Plan (HMP) is a local government plan (in the United States, typically implemented at a county level), that is designed to reduce or eliminate risks to people and property from natural and man-made hazards.
The Disaster Mitigation Act of 2000, Public Law 106-390, also called DMA2K, is U.S. federal legislation passed in 2000 that amended provisions of the United States Code related to disaster relief. The amended provisions are named after Robert Stafford , who led the passage of the Stafford Disaster Relief and Emergency Assistance Act of 1988.
A casualty loss is a type of tax loss that is a sudden, unexpected, or unusual event. [1] Damage or loss resulting from progressive deterioration of property through a steadily operating cause would not be a casualty loss. “Other casualty” are events similar to “fire, storm, or shipwreck.”
A loss run is a document that records the history of claims made against a commercial insurance policy. It is analogous to a credit report. A loss run report will include information including the date of the claim, the amount paid, and a description of the event. Generally, a loss run will record 5 years of history. [1]
Risk Evaluation and Mitigation Strategies (REMS) is a program of the US Food and Drug Administration for the monitoring of medications with a high potential for serious adverse effects. REMS applies only to specific prescription drugs, but can apply to brand name or generic drugs. [1] The REMS program was formalized in 2007.
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