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If you are having trouble paying your mortgage, talk to your lender. Even if you have a lawyer, even if you are trying to do a short sale, keep the lines of communication open between you and the lender so you can keep trying to work out a compromise. And watch your back.
The legal department and the financial department are two separate entities when negotiating a backsliding mortgage payment. They do not necessarily communicate. Or coordinate. Being in the midst of a short sale will not stop a foreclosure procedure. The lender may be working with you for a short sale, but their legal department is marching forward at the same time.
One man had a call from his lender, and the lender informed him that the man owed $24,000 and asked what he was going to do to fix that. The man told the lender he already had a mediation scheduled in a few weeks. It was a short conversation at that point.
Read more http://staugustine.com/interact/blog-post/rusty-collins/2010-07-20/left-hand-right-hand
