Home Saver's Blog


Foreclosure Process for every State in the US

Loss Mitigation is a method used to avoid foreclosure by negotiating the mortgage terms for the distressed homeowner. It is used to describe either a third party assisting the homeowner, a department in the bank that mitigates the loss of the bank, or a law firm that negotiates with the lender on the homeowner's behalf. The new loan terms can be obtained through loan modification, a loan work out, partial claim, deed in lieu, cash for keys, short sale, or short refi. These options were developed to allow the homeowner to either prevent the foreclosure and/or to afford the new terms. All of the terms above serve the same purpose: to balance the risk of loss to the lender.

Most folks want to stay in their home, therefore, the most popular option for the distressed homeowner is loan modification. This is the process where the homeowner's mortgage is modified (changed) and both the lender and homeowner are in aggreeance with the new terms. This allows the homeowner to stay in their home and afford the new monthly payment. On the other hand, Loss mitigation allows the lender to take a less of a loss now in order to avoid a much greater loss caused by a foreclosure. Most loan modifications result in lowered interest rates, reducing the principle balance, fixing adjustable rates, stretching out the loan term, moving past due payments to the end of the loan term, or any combination of these.




Check Foreclosure Procedure For Your State

Alabama (AL), Alaska (AK), Arizona (AZ), Arkansas (AR), California (CA), Colorado (CO), Connecticut (CT), Delaware (DE), Florida (FL), Georgia (GA), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana (LA), Maine (ME), Maryland (MD), Massachusetts (MA), Michigan(MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Jersey (NJ), New Mexico (NM), New York (NY), North Carolina (NC), North Dakota (ND), Ohio (OH), Oklahoma (OK), Oregon (OR), Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), South Dakota (SD), Tennessee (TN), Texas (TX), Utah (UT), Vermont (VT), Virginia (VA) , Washington (WA), West Virginia (WV), Wisconsin (WI), Wyoming (WY)


If you would like assistance with avoiding foreclosure, don't hesitate to contact me.


Important Informative Links

How to Avoid Loan Modification Scams

How to choose an Honest Loan Modification Company

Investors Facing Foreclosure

Why won't my lender work with me?

Loan Modification FAQs.


Pre-Approval Loan Modification Application


C Thompson

Account Manager

Call me: 

Fax: 206-203-1890

Email me: keepyourproperty911@gmail.com


Comment balloon 1 commentC. Thompson • November 22 2008 02:58PM


Dear C,

I just across your blog about foreclosures State by State.  That must have taken you alot of time to compile!

Couple of questions for you:
1.  Are you able to help with Vermont properties?
2.  I am working on some information packets/blogs dealing with short sales, reo, and foreclosures.  May I use some of your information - especially the Vermont specific info as it relates to foreclosures?  Your article is a great summary and written in an understandable format!

Thanks for your time.

Teresa Merelman, Stowe Realty
(802) 253-8484


Posted by Teresa DeLuca Merelman, ABR, CRS, e-PRO, SRES, GREEN (Pall Spera Company Realtors) over 9 years ago