Loss Mitigation Programs Enter the Bankruptcy Court Arena

By Keri P. Ebeck, Attorney What is loss mitigation and how does it affect a credit union/lender as the mortgagee? Loss mitigation is a term used to describe loan workouts and negotiations between the homeowner and lender to prevent or rectify default and foreclosure. Typically, loss mitigation encompasses: loan modifications, short sales, forbearance agreements, deeds-in-lieu…

When Bad Things Happen to Those With Good Intentions

This article by Jennifer Monty recently appeared in both Servicing Management News and Mortgage Orb. By: Jennifer M. Monty, Esquire   Loss mitigation is the new mantra of any servicer. With slumping housing markets and economically depressed customers, loss mitigation offers a solution for everyone. Skyrocketing real estate owned inventory, vacant properties that are devaluing daily and…