Loss mitigation programs are win/win strategies established by the federal government and the mortgage industry in order to resolve foreclosures in a way that benefits both the banks and the distressed homeowner, mitigating the losses to both.

When the process is successful, it stops the foreclosure and saves the home of the distressed homeowner.

When it is not successful, the only realistic alternative is for the homeowner to leave the house before it is foreclosed on by the bank. Filing a bankruptcy is good for a 45-60 day delay, but it is not a permanent solution to foreclosure.

The Loss mitigation procedures and programs are still not known or utilized by many homeowners. Many will just put their head in the sand and hope things will magically get better.

Others may attempt to negotiate with their lender themselves, which for most inexperienced people is like trying to build your own house, it is possible but not likely you will have a good outcome.

You will get the run around. You are probably talking to someone in India or China or Mexico. Send in your paperwork, they tell you. Only, you can never find that person to talk to again and nobody else has even seen your paperwork.

When you finally do get through to someone at the bank, you will probably end up in the collections department. What kind of plan do you think you will be offered by someone who is trying to get a cut of the money he is trying to get you to pay?

The most common plan offered will have you "send in 1/2 of the arrears" and increase your monthly payments by 50% over the next 6 months! That ain't hardly no loss mitigation!

You may take a stab at representing yourself, only to fail and have to start all over again with the clock ticking, loudly.

Even if you get to the right person in the loss mitigation department, you may say the wrong thing, simply because you do not know the parameters. "How much do you make, Mr Smith?"

Well, you already figured that out. You knew you get paid every Friday, $500, so you make $2,000/Mo so you blurt out, "I make $24,000 year." "OK, what are your monthly expenses?"

The loss mitigation guy does his calculation and informs you that you are close, but you would need to earn $25, 500 to qualify for the mortgage modification that would put all your arrears on the end of the loan and save your home.

Actually, $500/week is $25, 800 year, because there are 4.3 weeks in a month, not 4!

What you need is a professional loss mitigation expert working for you, negotiating for you.

There are many options to pick from to save your home, among them are:

• Repayment Plan
• Special Forbearance
• Loan Modification
• VA Loan Modification/Refunding
• Partial Claim
• Foreclosure refinance
• Government Grant

How many of these loss mitigation options are you familiar with? What is the minimum amount of months in arrears do you have to be before you qualify for a Special Forbearance? The maximum? What is the required amount of cash do you have to come up with in order to get a loan modification? Which type of mortgage is never eligible for loss mitigation?

You need an experienced pro going to bat for you, don't you think?

Now, beware, there are reputable companies and there are charlatans. Be sure you review their website and examine the credentials of any company before you send any money. Money? Yeah, the fee will cost you about 1 month's mortgage payment.

You need someone who knows how the game is played, who to talk to at your lender and how to reach him, consistently, has a heck of a better chance of negotiating a successful resolution of your problem than an inexperienced amateur, wouldn't you say?

Don't get embarrassed, get help!

More info on your stop foreclosure information search:

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