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Our firm offers its lender/servicer clients a wide range of loss mitigation services on a national basis. Loss Mitigation is one of several processes designed to minimize the damage caused by defaulting mortgage loans, and is aimed at preventing foreclosure and lessening the damage incurred by both the lender and the borrower through loan modifications (a modification of loan terms that will allow the borrower to get back on track and stop foreclosure), short sales (whereby the borrower is allowed to sell their home, and the lender accepts the sales proceeds as full payment for the loan, even if the selling price falls short of the mortgage balance or the home’s fair market value), or a deed-in-lieu of foreclosure (where the borrower conveys all interest in a real property to the lender to satisfy a loan that is in default and avoid foreclosure proceedings). We are prepared to advise and assist our lender/servicer clients through the entire loss mitigation process, from basic recording of documents in every recording jurisdiction in all fifty states, to evaluating the viability of each loss mitigation option from a legal and title perspective, and preparing the necessary legal documents to achieve the desired outcome. IAR Law has also created a client accessible database whereby our lender/servicers can review the status of its loss mitigation files remotely 24 hours a day, 7 days a week. Loss Mitigation Department Members: |
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