Speaker: What is loss mitigation?Amelia Robinette: Loss mitigation is a phrase used by lenders to describe their departments that are in place to mitigate or minimize their losses. They have these separate departments set up to help anybody having issues paying their mortgage. The lender does not want to foreclose on you. They want you to stay in your home and they want to work out a program that is beneficial to both parties. Lenders lose money by foreclosing and they try to mitigate their losses or minimize their losses by working with any borrowers.