Keyword Analysis & Research: loss mitigation determination or offer letter

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Frequently Asked Questions

What is a loss mitigation application?

A loss mitigation application is a form that details your income, expenses, people in your household, and financial hardship. Federal law requires mortgage servicers to work with you during the application process or put you in contact with a loss mitigation specialist who represents the servicer.

What happens if a transferor servicer receives a loss mitigation application?

If the transferor servicer receives the borrower’s initial loss mitigation application when the borrower’s mortgage loan is 101 days delinquent, the borrower’s mortgage loan would be 123 days delinquent on October 23, the date the transferee servicer provides the notice required by § 1024.41 (b) (2) (i) (B).

Why are loss mitigation options not available to the borrower?

Loss mitigation options administered by a servicer for an owner or assignee of a mortgage loan other than the owner or assignee of the borrower's mortgage loan are not available to the borrower solely because such options are administered by the servicer. For example: i.

When to review a loss mitigation application before a foreclosure sale?

Such evaluation may be subject to requirements applicable to a review of a loss mitigation application submitted by a borrower 37 days or less before a foreclosure sale. 5. Conducting a sale prohibited.

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