Dear Bruce: My son is renting a house in Las Vegas, which is going into foreclosure. No notice of default has yet been filed, but he is told it will occur soon. What is the time frame? When will he have to vacate the property? The bank will not speak with him. He and his family like the house, and the school system, and would like to stay as long as possible. The landlord/owner has not made payments to the bank since May. My son has paid rent since August. — S.L., Orchard Park, N.Y.

Dear S.L.: If your son knows that the owner has not made payments and foreclosure is in the works, why not have him contact the owner? He may be able to cut a deal that will take the owner off the hook at a reduced price. And in today’s climate, the bank may well choose to speak with him once he begins to talk with the owner. The bank may have privacy regulations that preclude direct conversation, but if the owner contacts the bank and says he has someone willing to enter into a sale, a deal could be struck. Lenders don’t want to foreclose unless they absolutely have no other choice.

Dear Bruce: So many people are telling me to invest in gold during times of financial crisis. Is this a good idea? — M.C., via e-mail

Dear M.C.: Many folks believe that investing in precious metals in times of crisis has merit. I would not quarrel with “minor” investments. First of all, buying metals — gold coins, ingots, etc. — would properly be categorized as speculation rather than investment. I would strongly urge “amateurs” to purchase recognized coins — from the United States, Canada, South Africa, Mexico — where there is no question about the content of the metals. If I were going to invest in gold coins, my personal choice would be numismatics, or collectors’ value, not straight metal value. Not only do these coins generally hold their value better; they are readily saleable and, in my view, are nice to own. You also have the option of buying into businesses that invest in metals, such as refining or gold-mining companies.

Of course, all of these areas are sensitive to marketplace events — wars, currency devaluation, etc. — that make metal speculation a sophisticated and tricky enterprise. Gold has fluctuated from above $1,000 an ounce to below $700 an ounce in the course of a year, a substantial change. It’s enough to give ulcers to the timid. Platinum has an even greater variation, from $2,200 an ounce to $800 in a matter of months.

— Send your questions to: Smart Money, P.O. Box 2095, Elfers, FL 34680. E-mail to: bruce@brucewilliams.com. Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided.