Q: I applied for a loan modification at the very beginning of the year. It’s almost the end of the year, and I still don’t have an answer from the bank. I haven’t been making the mortgage payment this whole time, but I haven’t received any sort of notice of default or foreclosure. The bank keeps telling me to wait, and saying that the "investor" who owns my loan is taking up to six months to make a final decision on loan modification applications. Could this possibly be true? I want to get back on good footing and I feel like I should be doing something. Any advice?
A: You’re right to feel like you should be doing something — you should be paying your mortgage! OK, so that’s a seriously oversimplified view; let’s get down to brass tacks.