The phrase encompasses actions taken to prevent a property from being seized by a lender due to the homeowner’s inability to keep up with mortgage payments within a specific metropolitan area. For instance, a homeowner facing financial hardship might seek loan modification options, explore government assistance programs, or consider short sales to preempt the lender initiating foreclosure proceedings on their Kansas City property.
Mitigating the risk of losing one’s home carries significant benefits, including preserving the homeowner’s credit rating, maintaining financial stability, and avoiding the emotional distress associated with displacement. Historically, periods of economic downturn have increased the need for accessible resources and strategies designed to help homeowners navigate financial difficulties and remain in their homes.
