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Q:
Which option is best after receiving a notice of foreclosure?

I recently received notice of a foreclosure through my mortgage company and was seeking some advice on procedures which might be able to help me stop or put a forbearance for a few months on my payments and possibly put them towards the back of my loan. I recently was approached by a door-to-door real estate broker claiming he would be able to negotiate with the bank for a fee of $1,400. Which option is best after receiving a notice of foreclosure: letting the real estate broker negotiate with the bank for a fee, filing Chapter 13, or filing the forms myself for a special mortgage forbearance agreement? -Steven

Steven,

The first thing you need to do is call your mortgage company yourself. Open communication is very important. Be wary of anyone coming to your door offering unsolicited services. Make sure you understand exactly what you are buying, $1,400 is a lot of money.

Many mortgage companies have programs already in place that will accomplish the same thing this door-to-door broker is selling.

You could also speak with a HUD certified housing counselor at 800.432.7310 for free, professional advice.

Good Luck,

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