Foreclosure 101 from LA Times: Link and Thoughts

Given the widespread nature of our current economic troubles and the number of people having issues making their mortgage payment, there are a lot of players in the market who are trying to help consumers. Some of these players are legitimate and well-intentioned...and unfortunately, some are not. When in doubt, I always prefer to direct people to government, government supported, or non-profit resources (i.e., free resources).

Here is an LA Times article that provides good information on the foreclosure issue, including contact information for government/non-profit resources available to homeowners in trouble in the Los Angeles area.

One key and obvious issue the article mentions and which I'd like to re-iterate is this: we can debate many aspects of how to best act when you are unable to make your mortgage payments in full and on time, but one thing we should not debate is this: avoiding the problem and not doing anything is the wrong answer. Unfortunately, too many homeowners do just this - avoid addressing the issue until it's too late. If you don't feel comfortable calling your Bank/servicer, contact one of these independent resources and try to be proactive in addressing the issue.