What is Loss Mitigation? How can it help me?

Loss Mitigation is a method used to avoid foreclosure by negotiating the mortgage terms for the distressed homeowner. It is used to describe either a third party assisting the homeowner, a department in the bank that mitigates the loss of the bank, or a law firm that negotiates with the lender on the homeowner's behalf. The new loan terms can be obtained through loan modification, a loan work out, partial claim, deed in lieu, cash for keys, short sale, or short refi. These options were developed to allow the homeowner to either prevent the foreclosure and/or to afford the new terms. All of the terms above serve the same purpose: to balance the risk of loss to the lender.

Most folks want to stay in their home, therefore, the most popular option for the distressed homeowner is loan modification. This is the process where the homeowner's mortgage is modified (changed) and both the lender and homeowner are in aggreeance with the new terms. This allows the homeowner to stay in their home and afford the new monthly payment. On the other hand, lenders benefit by mitigating the losses they would incur through foreclosing on the homeowner. Loss mitigation allows the lender to take a less of a loss now in order to avoid a much greater loss caused by a foreclosure. Most loan modifications result in lowered interest rates, reducing the principle balance, fixing adjustable rates, stretching out the loan term, moving past due payments to the end of the loan term, or any combination of these.

I am a Case Mgr at Save my Home USA, and I focus on helping people avoid foreclosure through loan modification methods. We have a team of Attorneys, underwriters, and case managers with combined experience of over 30 years. We have a flawless record, accredited members of the BBB, and have been in business for 5 years. Our success rate is high because of our close relationships with many lenders, and our persistence to help save our clients homes.

This is not just a job for me, this is my passion. My heart and soul goes into every one of my clients. I am honest, compassionate and caring and want to help! I am on a mission and am looking forward to the day when I can say, " I took part in ending the foreclosure crisis." You are not alone. This is kind of awkward to admit on a blog, but, I lost my home to foreclosure 9 years ago. I was a single mom and lost my job. There was no help for me back then. But today there is help. It is up to you to take the first, most important step and ask for it. Don't be embarrassed or ashamed to talk about what your going through. Call me and allow me to help you.

Please see below for some of my very informative blogs.

How to Avoid Loan Modification Scams

How to choose an Honest Loan Modification Company

Investors Facing Foreclosure

Why won't my lender work with me?

My Website( you can apply for a pre- approval here)

Loan Modification FAQs.

Testimonials

"Owning a home is one of life's greatest accomplishments. And being faced with losing it is one of the most devastating and frightening experiences anyone can ever imagine. Save My Home USAhelped us survive this ordeal and assisted us in obtaining the desired resolution - saving our home. They handled us in a judgement free manner and with a level of humanity and compassion which we have never experienced before during any type of business transaction."

Maria k - Miami, FL

We needed some help stopping our foreclosure and with our overdue mortgage payments. You stopped our foreclosure in less then a week and helped catch-up our back payments. I also want to thank the United Way for recommending them; otherwise we would have lost our home. I would recommend your services to all of my family and friends!

God Bless You!

Elsa Sanchez and Family
Lubbock, Texas

From the initial meeting through the follow-up conversations to after closing our case, your office has been a very professional organization providing honest opinions (both pros and cons) and strategies for the workout solution all with a low pressure atmosphere. I would highly recommend anyone looking to get help with their mortgage problems to at least contact you guys before signing a contract with any other counseling company or even their lender. You will be glad you did.

Chris Smalls, VA

I couldn't have been more pleased or impressed with your Agency. The intricacies of the counseling process, with my lender and the government and me were handled fairly and adeptly. If I had to single out what impressed me the most I would have to say that it was the refreshing frankness of our discourse. Your counselors are straight shooters. They didn't candy-coat the trials and tribulations of rectifying my mortgage delinquency; rather realistically explained the possible frustrations and satisfactions that accompany this sort of undertaking. I will certainly recommend your office to others.

Ann Forrest, Jamestown, NY

Our attempt to handle or mortgage problem ourselves proved to be inadequate and frustrating. After months of confusion and misdirection, we contacted your counseling agency. To this day, we consider ourselves lucky we did. From the beginning to the end it was a pleasant and professional experience. The cost and procedures of saving a home from foreclosure were clearly reviewed. Recommendations were made and explained, but the final decisions were left up to us. Every contingency was anticipated and planned for. The entire operation was professionally organized and conducted. The workout program and closing of our file was amicable and effortless. The end result was a clean smooth process with little or no problems. We are amazed at the quick resolution involving the entire case. Without hesitation we would use your services again.

R B. Johnson, PA

Falling behind on a home and then trying to save it is frightening. The home owner is vulnerable to dishonest lenders and investors posing as a phony counseling agency. It is a high stakes venture into the unknown. Two qualities in a housing office are absolutely indispensable; Trust and Competence. I hold your counseling office to be first class in both qualities. I found them to be both trustworthy and competent professionals. What difference does it make which counseling office I choose? Well, the difference between losing my home and keeping it; between a housing counselor who is ill-suited to succeed and a housing counselor with a high probability for success. Of course, this all brings us back to Trust and Competence. When the time ever comes again that I need help with my mortgage problems, I'll call your office right away...

Kyle Evans, Buffalo, NY