Loss Mitigation
PMI’s Loss Mitigation specialists stand ready to work closely with you to develop loss mitigation strategies through innovative programs designed to preserve homeownership, and to process workout requests in a timely manner. We also have resources available to assist you in reaching out to your borrowers to try to resolve defaults as satisfactorily as possible.
Submitting Workout Packages
Workout packages can be sent to PMI Loss Mitigation via fax, email, or through e-PMI. For more information, go to our Servicer Guidelines and Forms.
Contact Information. We’re Here to Help.
Toll-free Telephone: 800.685.4764
Toll-free Fax: 888.305.2956
Email: loss.mitigation@pmigroup.com
PMI will work actively with you to achieve default resolutions that are designed to enable borrowers to keep their homes or, alternatively, sell their homes to avoid lengthy and costly foreclosure proceedings – if retaining homeownership is not possible.
Workout Options to Retain Ownership of the Home:
Forbearance Plan
Allows the suspension of all or part of the monthly payment for a specified time period, based on lender agreement.
Repayment Plan
Gives the borrower the opportunity to catch up on missed payments by paying more than one full payment per month until the account is brought current.
Loan Modification
Allows changes to the original terms of the promissory note which may include any combination of the following: an adjustment to the interest rate; an extension of the term of the loan; or an increase in the loan amount by the amount past due.
SHARP (Saving Homeownerhip and Repayment Program)
Helps borrowers suffering temporary income loss or long-term hardship to keep their homes. To learn more, view our
Workout Options When Homeownership is No Longer an Option:
Pre-foreclosure Sale (Short Sale)
Occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien secured by the property upon receipt of less money than is actually owed.
Deed-in-Lieu of Foreclosure
Allows the transfer of a property to the lender without going through the foreclosure process. This is usually a “last resort” option and may follow other options, such as an
attempt to sell the property.
