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Loss Mitigation
Innovative Approaches

REDG loss mitigation efforts can help you both reduce the number of accounts going into foreclosure and accounts that proceed to sale. Since debtors frequently respond to WWR letters and calls, we encourage them to contact your loss mitigation department to swiftly resolve matters. By attending the first meeting of creditors as a part of our routine bankruptcy services, WWR can put your loss mitigation group directly in contact with your borrowers. If debtor information is provided to WWR early in the process, we can even make calls and send demand letters to debtors highlighting the opportunity for loss mitigation and promoting that connection between you and your debtor.

Our commitment also includes innovations addressing the backlog of the foreclosures. For example, in order to make the foreclosure process more effective, efficient and beneficial to all parties involved, the REDG initiated discussions with the Cleveland Municipal Court staff about filing foreclosures within their Housing Court. Working together, we developed a pilot program intended to speed up the process, promote loss mitigation, potentially reduce the number of accounts going into foreclosure and remind debtors of their responsibility to upkeep their property.