With foreclosures at an all time high in the US today, most home owners that are facing foreclosure hear all kinds of bank terminology words like, pre-foreclosure, short sales, REO's, bank owned properties and loss mitigation are all terms that some fear. We will look a one of these terms and what it means to you.

Owners often believe that refinancing their home is an option to get away from their current lenders. Keep in mind that care needs to be taken if you are looking at refinance your home to save yourself from foreclosure. Most properties are already in default by two or more months, and paying your mortgage late will have adverse affects to your credit, thus not qualifying, so refinancing may not be an answer to your problems.

A viable option for these owners is commonly referred to as "loss mitigation", which is where the lenders may assist the borrower when they have fallen behind in payments and in danger of default on their loan. Lenders vary on policies regarding foreclosure and loss mitigation is sure to check with them for the specific details in your particular situation.

After two or more months of default, in most states, a repayment plan may be put into effect between the lender and the homeowner, the purpose of this is to correct the delinquent amount due and assist the owner in getting back on track and avoiding foreclosure of the property. This is where the loss mitigation specialist comes in to place, they will be the person that you have will deal with in coming to an agreement that satisfies both you and the lender during your time of hardship.

Lenders and homeowners can lose tens of thousands of dollars in the foreclosure process and therefore lenders will want to avoid moving forward is possible. Ultimately, the lender wants the current owner to keep up to date and avoid foreclosure proceedings they are not in the business of being landlords; they are in the business of lending money.

Homeowners that are facing foreclosure must be encouraged to keep ownership through scenarios that are in the best interest of the lender and the owner.

In many cases the owner will get cut off at the first level of help, and ultimately the first level in the loss mitigation department as we, keep in mind that these lower levels are simplified glorified collection departments, and you will need to go up the ladder to get results. Lost mitigation workup are basically a summary of what the lender stands to lose during the foreclosure process, by taking into consideration all factors of the situation.

Loss mitigation has been dubbed the "Art of Negotiating", between the borrower and the lender, therefore stopping the foreclosure process and reaching a settlement. Often times the loss mitigation department is the better of the available choices for the homeowner that is desperately tying to save their home from foreclosure.

On the other side of things, loss mitigation is not a viable solution if there are other options that are a win-win. Keeping your options open and researching them thoroughly may help you avoid foreclose, bankruptcy and the 7+ years of bad credit.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Foreclosure Victims Helping Foreclosure Victims
A number of the homeowners that we talk to everyday are motivated by two main goals. The first, obviously, is to save their home from foreclosure, avoid potential scams, and get their financial lives back to normal. Teaching homeowners how to do each of these is the main purpose of our website, ... more...

Master The Mechanics Of Foreclosure - The Key To Being Effective In Pre-Foreclosure Investing
To confidently compete in the pre-foreclosure arena, every investor must master the mechanics of foreclosure. The events of foreclosure, the timeframes, the disposition of the proceeds of sale, and the effects of the sale ? these are all important landmarks in navigating through the foreclosure ... more...

Summary Of Vermont State Foreclosure Law
There are four different type of foreclosure are followed in Vermont. Strict foreclosure Power of sale foreclosure Judicial foreclosure Non-Judicial foreclosure What is the processing period for foreclosure in Vermont? Processing period is normally 210 days (Approximately 7 months) in Vermont. Is ... more...

Home Forclosure Help
9 tips for home foreclosure help Here outlined for you are nine things you can do if you want or need home foreclosure help. Home Foreclosure Help Tip #1. Make sure you have in place a Home Equity Line of Credit. For this home foreclosure help tip remember that if something comes up forcing you to ... more...