This research starts by analyzing the pre-failure condition in a wireless network with Mobile IP and proposes a novel approach using load balancing concept of foreign agents to tolerate their failures. It involves distributing the traffic to the foreign agents in a way that each foreign agent has comparable traffic. In the proposed approach, we don`t require any recovery procedure whenever a foreign agent recovers from failure. A recovered foreign agent automatically gets its share of traffic as soon as it moves back into the system. We analyze our approach through simulation. The results indicate that the approach improves the pre-failure condition in a wireless network with Mobile IP and this improvement in turn results in an efficient fault tolerant approach to tolerate failure of foreign agents.