bank foreclosure, loss mitigationWhen it comes to saving a home and avoiding a bank foreclosure, the right mitigation strategy is the thing to have. There are many ways that a loss mitigation department can avoid a bank foreclosure. Some of these creative strategies involve a homeowner having to leave their home like short sales and cash for keys programs. However, there are other programs that avoid a bank foreclosure while the owner gets to keep the home. One of the best ways to avoid bank foreclosure and keep a home is by engaging the lender’s mitigation department in a special forbearance negotiation. When a lender agrees to a special forbearance, a homeowner avoids bank foreclosure by making reduced monthly payment and in many cases no payments at all. Later on the lender may enroll the homeowner on a repayment plan after the forbearance is over or will modify the terms of the loan. However, be advised that to avoid bank foreclosure in this manner, a homeowner is going to need the help of loss mitigation specialists. These experts have all the knowledge and experience needed to negotiate with the lenders giving you much better chances of getting forbearance and avoid bank foreclosure.