Loss Mitigation (also know as "Loan Resolution," "Homeowner Retention," "Home Retention," "Loss Recovery" and "Hardship Assistance") is a term used by the mortgage industry to describe a set of programs designed to help borrowers in default. Most lenders have a whole department that deals solely with these issues. The programs include repayment plans, forbearance plans, loan modifications, workout assumptions, partial claims short sales and deeds in lieu of foreclosure.

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