Loss Mitigation Checklist
The Loss Mitigation Checklist is a checklist app that can be used to ensure that Loss Mitigation Options are properly requested, and that options and payment terms proposed are reasonable.
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When loss mitigation must occur between a borrower and servicer of a loan, loss mitigation options can be executed. The app ensures that a Tax Return Transcript is requested, that financial statements are provided for the borrower or borrowers, that the two most recent federal tax returns are provided the borrower or borrowers, that monthly expenses are provided, and that income verification is provided. While this app does not have a financial statement built in, financial statements can found easily and note items such as gross income, net income, self-employment income, mortgage payments, tax paid and tax owed, deductible expenses, property owned, and other major assets and liabilities.