Located in Burr Ridge, Illinois, the law firm of Codilis & Associates has provided clients with legal support for over 45 years. Codilis and Associates is primarily known for its work in real estate law and related services, such as loss mitigation.
Loss mitigation is a process through which mortgage servicers and borrowers can collaborate on a payment plan that allows both parties to avoid a foreclosure. Legal professional with real estate experience can assist borrowers with loss mitigation strategies, but mortgage servicers are also willing to work directly with borrowers concerned about mortgage terms and payments.
There are several approaches to loss mitigation that allow residents to continue living on a property while repaying the lender. Forbearance, for example, allows a mortgage servicer to temporarily pause or reduce a lender's payments without enforcing penalties outlined in the original contract. In loan modification, lenders and borrowers can permanently change the terms of a loan agreement.
Additional loss mitigation strategies include deferral, partial claims, and repayment plans. For some borrowers, however, the simplest strategy is to consider placing a home on the market and moving.
