With foreclosure rates at record highs, more homeowners than ever are seeking out what options they may have in order to save their homes before they run out of time. Time is of the utmost essence during any foreclosure situation, and homeowners need to figure out what they can do to stop the process and minimize the negative effects after foreclosure. Acting quickly and keeping as many solutions on the table as possible are two of the most important keys to success.

Loss Mitigation is a term used when the repayment terms of your loan are negotiated with your lender. Many people seek professional negotiators to handle loss mitigation, because it can save a home owner ten's of thousand's of dollars over the life of the loan. However, loss mitigation is something you can do on your own, if you have the time and experience.

Just as a successful negotiation with your lender can save your home, a bad negotiation, or revealing too much information, can virtually guarantee the loss of your home. It is imperative to understand what you are up against before you attempt to negotiate on your own.

Here are just a few of the options that can be negotiated with loss mitigation:

- Loan Modification
- Partial Claim
- Forbearance Agreement
- Workout/Repayment Plan
- Deed in Lieu of Foreclosure
- Short Sale

If you're in foreclosure, or if you think you may miss a payment in the future, you need to act immediately, to establish a plan to get back on track, or reduce your monthly payment.