DESIGNED Halt
loss mitigation is a process that is designed to cease the foreclosure of homes. Typically, this process is done as a last step before the home is actually foreclosed. Third parties are involved in the process, as a way in which to reduce the bias. Last year, my home was close to foreclosure. I had been laid off from my previous employer and later in the year my unemployment insurance had run out. Bills were piling up and I had no recourse of action. By using a third party I was able to buy myself some time before my home was lost.