Pomery & Associates - Overview PomeryLaw.com
Pomery & Associates - Overview PomeryLaw.com
Loss mitigation is used to describe a third party like Pomery & Associates helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm like Pomery & Associates that handles the process of negotiation between a homeowner and the homeowner’s lender.
Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash-for-keys negotiation, or a partial claim loan or other loan work-out. All of the options serve the same purpose, to stabilize the risk of loss the lender (investor) is in danger of realizing. The different options are available to homeowners to try getting the homeowner to “perform” (pay timely) and cure the potential loss the lender/investor projects incurring through the foreclosure process and auction sale of the property. Pomery & Associates offers loss mitigation services.
Pomery & Associates