What is loss mitigation?

Loss mitigation refers to the various strategies and initiatives employed by Washington Mutual, specifically within the Mortgage and Credit Lines divisions, to help customers facing financial hardships maintain homeownership and manage their debts. These efforts aim to prevent foreclosure or default by providing alternatives and solutions for borrowers struggling to meet their payment obligations. Washington Mutual offers a range of loss mitigation options, such as loan modification, repayment plans, short sales, and deed-in-lieu of foreclosure arrangements. These measures are designed to minimize financial loss for both the borrower and the company. By working closely with customers to understand their individual circumstances, Washington Mutual strives to find mutually beneficial solutions that enable borrowers to retain their homes and improve their financial situations.