Jump to Navigation

Stopping foreclosure through loss mitigation

Falling behind on mortgage payments may seem devastating for homeowners in the Miami-Dade area, but often, there are options that may provide relief and allow a person to retain the home. As the Consumer Finance Protection Bureau explains, the lender may lose money if the loan goes into default. So, options have been developed to assist mortgage holders who have fallen behind on their loans.

Financial difficulties are often the result of a life-changing event that makes it impossible to keep up with mortgage payments. SFGate.com notes that the homeowner may be able to explain the situation and work with the company to come up with a solution by contacting the loss mitigation department and submitting an application and supporting documentation.

Lenders typically want to know why a borrower is having trouble repaying the loan, and the application offers the opportunity to give evidence of the events that led to the outstanding debt. An income statement and list of living expenses and other financial obligations may provide the information needed to work out a plan to catch up on the payments.

A person who is facing foreclosure needs to do everything possible to prove to the lender that it would be more beneficial to work with the borrower than to foreclose on the home. Even after the application and supporting documentation has been submitted, it may be a good idea to continue communicating with the initial contact person in the loss mitigation department to maintain the link and show ongoing commitment to the program that is set up to prevent the foreclosure.

No Comments

Leave a comment
Comment Information
  • facebook
  • facebook
  • Google+

Contact Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuevas, Garcia & Torres, P.A.
Attorneys at Law

Miami Dadeland Office
7300 N. Kendall Drive 
Suite 680
Miami, FL 33156
Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 305-448-7300
Map and Directions

Midtown Miami
3401 North Miami Avenue 
Suite 209
Miami, FL 33127 
Map and Directions

FindLaw Network