For many homeowners, their home is their biggest asset. To protect it, homeowners struggling to make mortgage payments should know their rights and act fast to work with their mortgage servicers to find solutions.
Click the links below to learn more about topics of interest to California homeowners:
Foreclosure
Foreclosure Prevention Options
When a homeowner cannot keep up with mortgage payments, the lender may foreclose on the home. Since foreclosures can have devastating consequences for families, it is important that homeowners struggling to make their mortgage payments work with their servicer to find a solution. Foreclosure can be a fast moving process, so homeowners with concerns about their mortgages should promptly contact their servicer to discuss what options are available to them.
The options available to you may depend on a number of factors, including but not limited to your delinquency status and ability to repay any missed mortgage payments, whether your loan is federally insured, and the identity of your lender.
Some home-retention options to discuss with your servicer may include:
- Loan Modification: You and your mortgage servicer agree to permanently change one or more of the terms of the mortgage contract to make your payments more manageable for you. Modifications may include reducing the interest rate, extending the term of the loan, or adding missed payments to the loan balance. A modification also may involve reducing the amount…
