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• The full range of solutions that may avert either the loss of a debtor’s property to foreclosure, increased costs to the lender or both. Loss mitigation commonly consists of loan modifications and refinances, forbearance agreements, short sales and deed-in-lieu of foreclosure agreements. The terms of a loss mitigation solution varies in each case according to the particular needs and goals of the parties.

  Idaho Office of the Attorney General - Cite This Source - This Definition
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  Cite Definition for Loss Mitigation

  American Psychological Association (APA)

  Loss Mitigation. (n.d.). Mortgage Servicing Glossary. Retrieved April 1, 2023, from website: http://www.expertglossary.com/definition/loss-mitigation.

  Chicago Manual of Style (CMS)

  Loss Mitigation. www.ag.idaho.gov. Mortgage Servicing Glossary. Idaho Office of the Attorney General. http://www.expertglossary.com/definition/loss-mitigation (accessed: April 1, 2023).

  Modern Language Association (MLA)

  "Loss Mitigation." Mortgage Servicing Glossary. Idaho Office of the Attorney General. 1 April. 2023 http://www.expertglossary.com/definition/loss-mitigation.

• Browse Related Terms: Deferred payments, Foreclosure, Home Affordable Foreclosure Alternatives Program (HAFA), Home Affordable Modification Program (HAMP), Home Affordable Refinance Program (HARP), Home Owners’ Loan Act, Loss Mitigation, Second Lien Modification Program (2MP), Trial Period or Trial Period Plan, Work Out

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