Loss Mitigation
Borrowers can default on a loan obligation for a variety of reasons. Generally, it is due to a significant financial hardship caused by a health issue, loss of employment, divorce, death, or a combination of factors. These factors can often strain the relationship between lenders and borrowers. We encourage co-counsel to engage with borrowers to reach consensual resolutions through loss mitigation as it can often produce the most favorable financial results for all parties. In many cases there are solutions that can avoid a foreclosure or mitigate the challenges for the parties involved.
Activist Legal and our co-counsel engage with the borrowers through initial notices and, if the parties are amenable, directly to reestablish lines of communication between our clients and borrowers. Activist Legal works with co-counsel to achieve resolutions through settlements, loan modifications, forbearances, deeds in lieu, cash for keys, and short sales.
Loss mitigation services include: loss mitigation application, loss mitigation agreement, loan modification and forbearance agreements, settlements, deeds in lieu, cash for keys and short sales.