Hey Chicago, if you are late in your mortgage payments and you are receiving calls and notices from your lender or their representatives ..... THEN YOU NEED TO CREATE A MORTGAGE WORKOUT BOOK.
What's that? This is where you need to put everything that you receive, record every phone conversation with your lender's collection or loss mitigation department representative.
This is what you need to purchase:
Three Ring Binder that is sturdy
8 Pocket dividers - Pockets are used to hold any paperwork that you receive
Some plastic Sheet Protection Pages
Depending upon whether you have one or two lenders, make this notebook work for you.
How? When you get a call from a lender, then write the name of that person who called you and ask for them to repeat it twice so you have it, if they have an id# and put that down, their phone number, the date and time of the call and what the conversation was about.
You also want to write down what you are supposed to do or any "action" that was discussed during this phone conversation. Make sure that the "action" list can be from either the lender or you.
Take your papers and organize them according to lender and according to dates that you received them. Have all your insurance information in this book, along with leases (if you are an investment property), and property tax information. Water, gas and electric bills are critical as well.
When you receive a notice of collection - put it in your book of things to do.
If you don't have a calendar to keep track of your dates that you have commitments to financially or verbally, then go to Microsoft Office and download calendars that will work for you.
This is what you need to do in order to keep track of who has called you, who you need to call on what dates, etc. It's a way to help yourself and learn to fight to keep your property.
Need more ideas or help? Send me an email.