One of the plethora of new procedures enacted in the 2016 General Assembly's legislative session is a concept which is being dubbed a “judgment of loss mitigation.” The procedure seems straightforward at first a lender can seek to have the Court approve a modification of a mortgage loan and sanction the mortgagee's priority over any other encumbrances of record or it can approve a conveyance of all interest of the mortgagor to the mortgagee within the new statutory structure.
