Loss mitigation, also known as the loss mitigation department, is usually defined as a third party working on behalf of a lender to help homeowners that are facing foreclosure. It is a division within a bank that mitigates (synonyms – relieves, alleviates makes something less severe) the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner’s lender.

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We hosted a short sale and foreclosure panel debate yesterday. The panel members included Scott Drucker, a short sale/property attorney from Mack, Drucker and Watson, Eric Viavattene, a wickedly smart CPA from Dobbins Money and Gerry Russell, the handling broker with Property Company executives Phoenix. Once more we were reminded how significant it is to seek BOTH legal and tax information when considering a short sale or foreclosure in Phoenix, AZ. Yes, we probably did the bold face thing. We do mean this.

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Take note that short sales are different from foreclosures. Foreclosures are forced by a lender while the short sale is agreed by the lender or the bank and the borrower. And there are instances where the lender refuses a short sale because the of the buyer’s offer or due to the high closing costs that can result to lower new proceeds in the lender’s side.

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The allure of the short sale is sucking in many folks today. With so many properties going into foreclosure, there are a surplus of desperate owners prepared to jump ship before they lose their home and their good credit all at once. Those with a little money to invest in rental property or perhaps a cheap home for their family see the lucrative option of purchasing these houses at a reduction. The issue is negotiating these deals is not always as simple as expected.

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No one desires to face a foreclosure on their home. However, in our difficult economic times, more and more families are now faced with this demanding situation. There are different rules and regulations which might apply to you if you are going through the foreclosure process and for that reason you should seek the counsel of an knowledgeable real estate professional. A competent Realtor such as Scottsdale Realtor, Jen Wehner might prove to be the difference in saving your home from foreclosure.

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In recent years homeowners have been hit especially hard by the economic crisis in the US. Before you consider bankruptcy or let the home go to foreclosure have a look at a short sale. This option may get you out of hot water and could, I said COULD, help save your credit score.

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Short sale is really a term which can be utilized when it comes to finance and real-estate (mortgage). It has altogether different meaning in each context. Both have various procedure, rules and procedures to follow, operating in an entirely different ambience.

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