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With the recession we are in, many people, especially those who have homes, are dealing with heavy financial strain. Many people are now facing the reality and the fear of possible foreclosure. One thing for anyone in this situation to remember, is that before foreclosing, there are specialists who can help minimize the damage. Most banks hire a loss mitigation specialist for the sole purpose of working with you to propose other options. Lenders don’t want to lose money on foreclosure either, because owning a house is not their business. Having a foreclosure is much worse for them than negotiating a lower mortgage. Adjusting mortgage rates along with changing payment plans are within their power. For those in financial turmoil, mortgage loss mitigation is very important. It will make the process of mortgage loss mitigation much smoother if you organize a list of money coming in and out in advance. These statements will be required by the loss mitigation specialist so they can make a deal for you. Many companies are appearing with loss mitigation help, so be sure and select the right one. To avoid false hope from a consultant that has no legal right to change your mortgage, confirm that you choose licensed, certified representatives.