Best Mortgage Advice Concerning Foreclosure

by Andrea Camacho from San Bernardino, CA, USA

Regarding Andrea's best mortgage advice concerning foreclosure: Hi Kate, I would recommend for those of you that are in mortgage foreclosure to look up your state's foreclosure laws. You should know what the time lines are, the process that takes place upon foreclosure, and most importantly your rights.

Also, make sure everything is documented and kept in a safe place. Keep a log of every phone call placed or received. Know the caller's full name and their location. It's very important to document any promises made and/or extensions placed.

If you feel that your lender is not satisfactorily responding to your inquiries, look up your state's website for the Division of Finances and Corporate Securities( or something similar. You can find out if the lender has had problems and/or complaints with others before, as well as to get lots of information about them. You can also file a complaint through this state office.

Finally, the most important piece of mortgage advice I can give is to be patient. Patience is very important when dealing with a difficult situation, as well as when learning about your rights and negotiating.

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Is The Bank Not Responding To You?
by: Jill

This is actually from Kate of inspired by an email I received this morning from our friend Jill.

Jill forwarded the article from the New York Times by Peter S. Goodman: "Lucrative Fees May Deter Efforts to Alter Troubled Loans" to me.

As I kept reading I learned that banks are turning down mortgage modifications not because they don't have an adequate work force to process the paperwork but because heaping fees onto homeowners who are late on their monthly house payments is just too dang lucrative.

If this is happening to you or someone you know, read Andrea's advice above and of course you can always write me at Ask Kate right here on this website.

Here's to the future of homeownership in America, Kate Ford

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