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Welcome to the National Mortgage Network's
Loan Modification page

Loss Mitigation and Loan Modification:

What is it? Let's start with looking at the definition of the words MITIGATION and MITIGATOR.

mit·i·gate     Pronunciation verb, -gat·ed, -gat·ing.
–verb (used with object)

• to lessen in force or intensity, as wrath, grief, harshness, or pain; moderate.
• to make less severe:
• to make (a person, one's state of mind, disposition, etc.) milder or more gentle;
  mollify; appease.
• to become milder; lessen in severity.

Related forms
mit·i·ga·ble   Pronunciation Key - Show IPA Pronunciation, adjective
mit·i·gat·ed·ly, adverb
mit·i·ga·tion, noun
mit·i·ga·tor, noun

Here is the definition that we concluded as LOSS MITIGATION from many of the mortgage related web sites and platform:

Loss mitigation --a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan.

Mortgage Loss Mitigation: The trustor or mortgage holder needs to repay a delinquent portion of a loan as a result of impending default, foreclosure, bankruptcy, REO, and so on. Before a foreclosure or bankruptcy occurs after a one or two months default, a repayment plan may be proposed to the delinquent mortgage holder by a loss mitigation specialist to satisfy the amount owed to a bank or lender. Loss mitigation may prevent foreclosure or bankruptcy. (See the rest of this article under “Loss Mitigation Defined”) .

mportant HUD Links:
http://www.hud.gov/foreclosure/index.cfm
http://www.hud.gov/offices/hsg/sfh/hcc/hcc_home.cfm