If you are having trouble making any upcoming mortgage payments
on your home or wish to discuss options to avoid foreclosure,
please continue reading for some helpful advice.
The most important thing to do if you think you may be
having trouble making your payments is to contact your
lender, by telephone or at its web site. Although it may be difficult
to make that call, your lender has representatives available
to discuss your situation in detail and explore your options.
For contact information for loan servicers other than CalHFA
Loan Servicing, see below.
Borrowers who are unable to afford their mortgage payments and
wish to avoid foreclosure have options:
- Special Forbearance Plan – a written agreement allowing
borrowers to either suspend or reduce monthly payments
for a specified period of time until they are able
to make payments to bring the loan current.
- Repayment Plan – a written agreement allowing borrowers
to repay their late or unpaid mortgage payments by
making a scheduled payment in addition to the regular monthly
payment.
- Loan Modification – a change in one or more of the
terms of the note in order to bring the loan current by adding
the amount owed to the loan balance and/or re-adjusting the
balance within the existing remaining term. This will
not reduce the total loan balance.
- Short Sale – borrower selling the property and the
lender accepting less than total balance of the loan.
- Deed-In-Lieu – borrower voluntarily gives up the title
of the home to the lender.
- Military Relief – rights and protections provided under
the Servicemembers Civil Relief Act or the California Military
Families Financial Relief Act.
More detailed information regarding these options is available
from your loan servicer.
If you have a loan serviced by a servicer other than
CalHFA, and are worried about missing payments or wish to discuss
options to avoid foreclosure, please see below for your servicer’s
web site and telephone contact number(s):
If your loan servicer is not on the list below, please call
CalHFA at 800.669.1079.
Additionally, you should take the following actions:
- Keep your loan servicer informed of your primary and
secondary telephone numbers and current mailing address.
- Respond to your loan servicer’s telephone calls
and requests for information within the stated time
frame.
- Contact a HUD-certified housing counseling agency at 800.569.4287.
- Gather information about your financial situation when discussing
options for avoiding foreclosure.
Borrowers should have these documents ready when discussing options
to avoid foreclosure with their loan servicer
- List of all expenses
- Copies of all current outstanding bills
- Copies of pay stubs for the previous two months
- Copies of last two year’s tax returns
- Copies of the past two months bank statements
Additional information may be requested by your loan servicer
in order to make a final decision on any option discussed. Approval
by the mortgage insurer and investor may also be required.
Helpful
toll free phone numbers & web sites
HUD-certified Housing Counseling Agencies
800.569.4287
www.hud.gov/foreclosure/index.cfm
California's Consumer Home Mortgage Information
www.yourhome.ca.gov (in
English)
www.sucasa.ca.gov (en
Español)
Homeownership Preservation Foundation
888.995.HOPE (4673)
www.995HOPE.org
Rural Community Assistance Corp (RCAC) Foreclosure Counseling
Agencies
http://www.rcac.org/news.aspx?80
Military OneSource
800.342.9647
www.militaryonesource.com
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