If you thought that there was an overwhelming amount of paperwork needed to obtain approval for your mortgage loan, you may be in for a surprise if you ever find yourself in the midst of a property foreclosure proceeding. In the foreclosure process, a foreclosure mediation is usually the first attempt for the homeowner to resolve any financial issues resulting in a defaulted loan. During the meeting, the homeowner is usually asked to supply any and all documentation of their current income as well as any other varying factors that could pose a threat to the loan payment. It is imperative that this information is accurate because it will not only serve as your reasoning for defaulting on your loan, but will paint the initial picture of your current financial situation. During this foreclosure mediation, the bank representative, third party mediator and yourself will sit down and try to come up with a fair agreement in the hopes that you can stay in your home and continue to make affordable payments.