mortgage companies

Ethan Miller/Getty Images The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday.

The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to help people stay in their homes, officials say.

As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They'd rather modify your loan than foreclose.

Many mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans.

Administration officials want mortgage companies to have 500,000 trial loan modifications in the works by Nov. 1.

The Obama administration's effort to persuade mortgage companies to lower payments for up to 4 million homeowners could fall short of its goal, according to congressional investigators.

Agents trying to persuade mortgage companies to lower payments for homeowners who can no longer afford their loans are becoming increasingly frustrated at the futility of their pursuit.

The term "Loss Mitigation" has become a common term with home owners and real estate professionals throughout the country.

Loss mitigation, meaning to mitigate, or minimize loss, is traditionally a department maintained by most mortgage companies to do just that; minimize their loss.