Top mistakes troubled borrowers make

Why it's best to take action sooner than later

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

If you or someone you know is facing a challenge making their mortgage payments, Jon Sterling's new book, "Mangled Mortgage," explains how to avoid some of the most common pitfalls you may face. Although written for real estate professionals, "Mangled Mortgage" is a great book for anyone who deals with distressed property. Sterling, a team leader for Keller Williams Real Estate, has tested his approaches in a number of the toughest real estate markets in the country. The tips he shares with his agents can help you or anyone you know who may need mortgage assistance. Pitfall #1: Paying for a loan modification Have you or someone you know lost a job? Are you facing a health or other financial emergency? Do you want a lower interest rate? There are many valid reasons to request a mortgage modification. According to Sterling, the most common mistake that people make is paying for a loan modification. Instead, he recommends that you first exhaust the free r...