A Note About Dual Tracking

One of the practices California is limiting with their new homeowner's bill of rights is the practice of dual tracking.  When a lender is dual tracking, it means that one department is pursuing loan modifications with the owner while another department moves ahead with foreclosure procedures.  Particularly insidious is when a bank informs an owner that a loan modification cannot be granted unless the owner is 90 days behind on payment.  When pursuing a loan modification it is wise to be wary of any suggestion to suspend mortgage payments.