Glossary
Loss Mitigation
A servicer's department and process for avoiding foreclosure through modification, forbearance, short sale, and similar tools. This is where real help lives.
Servicers are required by federal rules to give borrowers a chance to pursue loss-mitigation options before proceeding to foreclosure. Calling your servicer's loss-mitigation department directly — not their general customer service line — is one of the most important early steps in a foreclosure situation. A HUD-approved counselor can help you navigate this.
Read more in the Field Guide:
- Foreclosure Options: What's Actually Available — Foreclosure
Want a plain-language review of your situation?
A Home Transition Review gives you clear options — including the ones no buyer will volunteer.