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.

5 Steps to Getting Your Best Mortgage Rate

Step 1 - Find out how much you can afford in monthly house payments.

Step 2 - Insist on mortgage pre-approval.

Step 3 - How to discuss mortgage approval with your lender.

Step 4 - Become an expert on good faith estimates and mortgage closing costs.

Step 5 - How to successfully lock in mortgage rates.



Return to the Home Page from Best Mortgage Advice Concerning Foreclosure


The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

Comments for
Best Mortgage Advice Concerning Foreclosure

Click here to add your own comments

Is The Bank Not Responding To You?
by: Jill

This is actually from Kate of www.Get-Your-Best-Mortgage-Rate.com 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

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

Click here to add your own comments

Join in and write your own page! It's easy to do. How?
Simply click here to return to Best Mortgage Advice Social Networking Hotline

Advertising Policy

Grab your FREE email mini-course...    Super Kate's Magical 6-Step System to Paying Off Your House Faster and Easier Than You Ever Thought Possible
...when you sign up for Focus on Finance, packed with tips, ideas and products for eliminating debt, and creating wealth.

We respect your email privacy

Super Kate's Supersonic House Payment Calculator

Calculate your house payments in a jiffy!

Learn from Super Kate how to use a mortgage calculator and keep up with your lender.

Knock Your Socks Off Best Mortgage Rate Blog

Follow the time-tested Best Mortgage Rate Blog packed with trade secrets from Ask Kate and Super Kate.

The fresh and effective approach to getting a mortgage!

You Can OWN My Brain

Loan Modification Answers by Kate - Unique help for modifying your mortgage. Make sure you don't miss this.

Lock Answers by Kate - Learn the nitty gritty inside story of locking your mortgage rate. Rate Locks Part I

Ask Kate About Locking Mortgage Rates - The dilemma of locking mortgage rates continues with even more letters. Rate Locks Part II

Refinance Answers by Kate - Refinancing brings out opinions, for sure! Get the facts here. Refinancing Part I

Refinancing Stories From Homeowners - With reversed rolls, Kate asks and Homeowners offer refinance advice. Refinancing Part II

Home Buying Answers by Kate - Learn how to buy a house. Unusual facts to aid your home buying experience. Home Buying Part I

Stories From Home Buyers - Meet Kate's home buying visitors who tell their stories and give advice for buying a house. Home Buying Part II

Credit Answers by Kate - Improving credit could change your life. Find how to get more than temporary results.

FHA and VA Answers by Kate - Clear the fog. The low down on VA and FHA loan requirements.

PMI Answers by Kate - Private mortgage insurance, friend or foe? Do you know how to get rid of it?

ARM Answers by Kate - Do you have an adjustable rate home mortgage? You can ask Kate for help.

Answers by Kate For Seniors - Reverse Mortgage, the unique income answer for retirees.

How To Compare Mortgage Rates Online - You'll enjoy this collection of homeowner experiences while shopping for lenders.

Kate's Mortgage Advice Forum - Savvy home mortgage tips contributed by readers of this website.

Mortgage News Opinions - Bold opinions of Joe Public regarding mortgage and real estate news.

Website Answers by Kate - Yes... Readers even ask Kate how to build a website.