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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  June 27, 2008  |   Mortgage Problems? Follow These Tips
Home owners who have doubts about the procedures and ethics of their mortgage servicing companies should follow these suggestions from Tara Twomey, a lawyer for the National Consumer Law Center:
  • Keep copies of all payment records and property insurance policies in case a dispute arises over how much you paid and when.
  • Contact your mortgage servicer immediately if financial troubles make it hard to pay the mortgage. Approaching the servicer right away makes it more likely they’ll cooperate with you
  • Read the loan documents carefully to make sure you’re not being billed for anything improper. If you discover an improper charge, write a letter to the mortgage servicer specifying exactly which charges you're contesting. By law, the servicer is required to respond within 60 business days.
  • Contact a lawyer who specializes in bankruptcy law before seeking bankruptcy-court protection.

Source: USA Today (06/26/08)

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