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The phrase "are losing everything" is correct and usable in written English.
It can be used to describe a situation where someone is experiencing significant loss or decline, often in an emotional or material sense.
Example: "After the sudden market crash, many investors are losing everything they had worked for over the years."
Alternatives: "are facing total loss" or "are experiencing complete ruin."
Exact(8)
We are losing everything".
For now we are losing everything".
People here are losing everything that generations of families have worked to build.
"People who are arrested are losing everything that they have—even the things they acquired through honest means," one heroin trafficker complained.
The current owners are losing everything they invested, and the former owner, Daimler, has been forced to put up a lot of money to avoid being sued.
Rescues @WWLTV #wfaaisaac @wfaachannel8 http://t.co/4tHP8az5 — Jonathan Betz (@jebetz) 29 Aug 12 "My heart breaks for my daughter & all who are who are losing everything they own there in Plaquemines Parish".
Similar(52)
We're losing everything".
"I'm losing everything".
"When you're losing, everything is magnified.
"We're losing everything," McGovern said.
"Losing football would be losing everything," she said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com