Definitions for "Loss mitigation"
Activities designed to reduce either the likelihood of the corporation suffering financial losses on a loan or the final dollar value of those losses in the event of a borrower default.
The duty of any person claiming damages against another person, actions designed to alleviate the injury suffered or to reduce the cost of that injury to that injured party.
the course of action the lender takes to assist the borrower in order that the borrower, who is at risk of defaulting on their loan, may avoid foreclosure