Stop Mortgage Foreclosures with Loss Mitigation

Jacksonville, FL (PRWEB) May 6, 2010

Chief legal arbitrator, H. Hoover Hall, III of Harrison & Alexander, explains how an loss mitigation arbitrator can help homeowners compromise with lenders and find a reasonable solution for both parties regarding a mortgage foreclosure.

Like millions of Americans, some homeowners may be dangerously close to home foreclosure or facing the reality of those events already.

Many may think the only option is to throw in the towel and walk away from their home. However, there are ways to save a home from foreclosure, repair a low credit score, and begin rebuilding a stress-free life once again.

Most homeowners that are struggling with their mortgage or already in foreclosure cannot always find resolutions on their own, which is why a loss mitigation arbitrator can be a valuable asset in this fight.

After Foreclosure

There are many consequences of undergoing foreclosure that can affect a homeowner’s life for years to come after foreclosure. The first and inevitable is a huge hit to their credit score. Exactly how much damage this will cause that homeowner, will depend on a variety of factors, but those events will remain a blight on one’s credit history for up to seven years, making future loans, even those not related to homeownership, all the more difficult to obtain.

What is worse is that if that homeowner listed any other properties as security when applying for their original loan, the bank may have a right to seize those properties as well. Plus, that homeowner could also face further taxes on the former home.

A loss mitigation arbitrator can help the homeowner compromise with lenders and find a reasonable solution for both parties.

Loss Mitigation Arbitrators

What is a Loss Mitigation Arbitrator and how can help stop foreclosure? Well an arbitrator can represent clients in criminal and civil litigation and other legal proceedings, draw up legal documents, and manage or advise clients on legal transactions; may specialize in a single area such as real estate or may practice broadly in many areas of law.

An Arbitrator can advise clients concerning business transactions, claim liability, advisability of prosecuting or defending lawsuits, or legal rights and obligations. Interpret laws, rulings and regulations for individuals and businesses. Analyze the probable outcomes of cases, using knowledge of legal precedents. Present and summarize cases to judges and juries.

The education required to be an arbitrator is a J.D. (law degree) & the minimum formal education required for this occupations. Couple this with an extensive skill, knowledge, and experience in the real estate field and you have a Loss Mitigation Arbitrator.

Mortgage Foreclosures

Many individuals are not fully at fault for the risks that many banks chose to take during the real estate boom. During the boom, loans became readily available and were leant to those who were not truly qualified, eventually the mortgage rates rose sharply as the industry collapsed, which resulted in the current immense amount of mortgage foreclosures.

Lender greed doesn’t stop there, however, and there are many unscrupulous companies taking advantage of distressed homeowners, offering fraudulent loan modifications that drive people further into debt.

It’s important to be cautious of any quick fix schemes or companies that claim to be able to help reduce loans.

Loss Mitigation

A loss mitigation arbitrator or an attorney is the only truly qualified professional who can help a homeowner negotiate the terms of their loan and find a plausible solution regarding foreclosure. There are many ways one can approach their case, including requesting lower monthly payments and interest rates, changing an adjustable rate to a fixed rate, and allowing for payment extensions.

It is between the homeowner and the loss mitigation arbitrator to discuss which route will best suit that homeowner’s budget and lifestyle needs, as well as which the lender will find acceptable.

A Loss Mitigation arbitrator is your best ally against foreclosure and they are cost effective than an attorney. You’ll want to consult with a qualified professional first in order to help you measure the costs against the potential gains after negotiations are completed.

Many people can benefit from the services of a loss mitigation arbitrator, but there are some cases where foreclosure might be for the best.

Research options regarding possible resolutions with mortgage foreclosure. Aside from seeking counsel from attorneys, also talk with a loss mitigation arbitrator to weigh all options to reach the best decision moving forward.

Harrison & Alexander launched a new loss mitigation service in April 2010 to help homeowners stop forecloure & regain financial stability in their lives.

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