- Speaker Pérez and Assemblymember Fuentes: Helping Homeowners Critical to Recovery
- Assembly Passes Legislation to Help Taxpayers
- Governor Schwarzenegger Signs Mortgage Protection Legislation
- Foreclosure-mediation laws not much help
- Foreclosure Mediation Programs Aren’t Working Because of Net Present Value (NPV) Calculations
- US home foreclosure mediation in jeopardy - report
- State Foreclosure Prevention Ineffective, Study Shows (Update2)
- Report Finds US Foreclosure-Mediation Programs Falter
- More Loan Mod Problems Reported
- Report: BOA Among Worst For Loan Mods
- New head of State Bar of California assails mortgage modification scammers
- Why the foreclosure crisis isn’t improving
Assembly Democrats seek $700 million in foreclosure relief for the Inland Empire, Central Valley and San Diego regions
TOOLS TO HELP MANAGE THE CRISIS
Are you having trouble keeping up with your mortgage payments?
With the continued hardship of layoffs and the pressures of escalating health care costs, financial and housing industry experts expect historic foreclosure rates to continue.
Homeownership is a source of tremendous pride for many people; and Assembly Democrats are working on strategies and providing tools to prevent foreclosures.The information on this site will arm you with the first line of defense against losing your home. Review the tools listed above, contact a HUD-approved Housing Counseling Agency, and then work with your lender to better understand your options.
5 Tips for Staying in your Home
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
3. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
4. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
5. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.