Staying in Your Home
If you are having trouble keeping up with your mortgage payments, the following tips should help.
If you are a Homeowner
If you own investment property
- Don't ignore the problem. Contact the lender immediately when you realize you are having difficulty.
- Open and respond to all mail from your lender. Their notices may contain options to help you weather your financial problems. They may also contain important legal notices that you shouldn't ignore.
- Arm yourself with information. Know your mortgage rights. Find your loan documents and read them. Consult an attorney or a housing counseling agency to assist you.
- Understand your options. Valuable information can be found through the Federal Housing Administration at www.fha.gov.
- Contact a HUD-approved housing counselor. At little or no cost to you they can help you understand the law and your options, organize your finances, and negotiate with your lender.
Avoid Foreclosure Rescue Scams
- If you own a home that you are not living in and you have renters, consult the California Department of Consumer Affairs – Landlord/Tenant Book for your rights and obligations: www.dca.ca.gov/publications/landlordbook.
Recovery scams are on the rise. Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD-approved housing counselor. Solutions that sound too good to be true usually are.