Dana Law Firm > Practice Areas > Workouts & Loss Mitigation

Workouts & Loss Mitigation

Workouts and loss mitigation are methods of collaboration between real property owners and lenders to place all parties in a better financial position.  With a slumping economy and the near-bust of the world real estate market, many property owners have found themselves in unfamiliar situations with their lenders and concerned about their own balance sheets.

Creativity and forward thinking are very much a part of workouts and loss mitigation.  With loan modifications to reduce principal, lower interest rates and extend repayment periods, as well as opportunities for short sales, cross-collateralization agreements and deeds in lieu of foreclosure, lenders are very amenable to entertaining non-traditional forms of relief to the debtor in this chaotic real estate environment. 

Given that lenders are experiencing a backlog of troubled loans, being well versed in these areas and knowledgeable of the significant tax consequences that may be incurred as a result of a certain type of workout are essential.  Our firm will help you understand these issues, assist you in making an intelligent decision and make every effort to expedite the process.