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Loss Mitigation

Loss Mitigation

Loss mitigation is the process by which banks try to cut their losses on loans that are not being paid back as agreed. During the loss mitigation process, the lender works with the borrower to find a mutually acceptable solution. If a solution can't be found that keeps the borrower in the home, such as a loan modification or forbearance, the lender may compel a solution the forces the borrower from the home, such as a foreclosure or short-sale.

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