What is loss mitigation?

Loss mitigation refers to a process used by lenders, including those like Washington Mutual - Mortgage/ Credit Lines Loss Mitigation, to help borrowers who are experiencing financial difficulties. The primary aim is to prevent foreclosure and find a workable solution for both the borrower and the lender when a homeowner cannot make their mortgage payments. Various options may be offered during loss mitigation, such as loan modifications, repayment plans, forbearance agreements, or short sales. Through these methods, a lender strives to minimize potential losses while assisting borrowers in keeping their homes or transitioning to other financial solutions. It is important for borrowers to communicate their situation effectively with their lender to determine the most suitable option. For information regarding specific loss mitigation options and their availability, it may be helpful to check the current web page for contact details or resources.