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The state of the economy is forcing many people to face losing many of their assets, including their homes. It has become more the norm than most would like to think about but there are ways to work around the foreclosure ending. It is important for people to look into mortgage loan modification, since this is something that can pull you out of trouble. Your mortgage lender provides loss mitigation services, and this should be your first course of action. There is no merit in avoiding efforts to contact you but better to look straight into the face of the issue at hand. Your lender needs to know the full truth of the matter, so be honest. Your lender should see a copy of your financial statement which you can obtain from many agencies before discussing your mortgage loan modification. Foreclosure is not to the advantage of the lender, so they will ensure their best efforts to save what they can. Having the possibility of refinancing, a temporary hold on loan payments and perhaps even forgiveness for past missed payments are some results of foreclosure loss mitigation. As in any business agreement, it can benefit both parties to remain open about the situation.