Benefits
The most common benefit to the homeowner is the prevention of foreclosure because loss mitigation works to either relieve the homeowner of the or create a mortgage resolution that is financially sustainable for the homeowner. Lenders benefit by mitigating the losses they would incur through foreclosing on the homeowner. Immediate foreclosure creates a tremendous financial burden on the lender.
Read more about this topic: Loss Mitigation
Famous quotes containing the word benefits:
“It is with benefits as with injuries in this respect, that we do not so much weigh the accidental good or evil they do us, as that which they were designed to do us.—That is, we consider no part of them so much as their intention.”
—Laurence Sterne (1713–1768)
“While greedy good-doers, beneficent beasts of prey,
Swarm over their lives enforcing benefits ...”
—Robert Frost (1874–1963)
“One of the benefits of a college education is, to show the boy its little avail.”
—Ralph Waldo Emerson (1803–1882)