Foreclosure and Home Retention
How To Keep Your Home And Get A Lower Monthly Payment.
If you are behind on your mortgage or if your current mortgage payment is a hardship you as a homeowner have rights and are protected under the Multifamily Accounting Reporting and Servicing (MARS), the Housing and Urban Development (HUD) and The California Homeowner Bill of Rights.
The California Homeowner Bill of Rights became law on January 1, 2013 to ensure fair lending and borrowing practices for California homeowners. Please take time to review The California Homeowner Bill of Rights. Contact us to help understand your rights.
One very important provisions is that mortgage companies are restricted from advancing the foreclosure process if the homeowner is working on securing a loan modification.
Loan Modification essentially pauses the foreclosure process until the application has been fully reviewed. Find out more about Loan Modification.
Besides loan modification you as a homeowner have other options to retain your home.
One option is payment deferral. You can bring your account current by adding the past due payments to the end of your loan.
Another option is a repayment plan. This may allow you to resume regular monthly payments or bring your mortgage up to current over a period of time. Normally this will halt foreclosure.
To better assist you on these topics, please contact us.