Foreclosure Prevention Resources
Foreclosure Prevention Resource Guide
My staff works hard to keep California residents in their homes, through mortgage modification and other services. If you or someone you know is in danger of losing their home through foreclosure, please call my office office at (818) 504-0090.
Foreclosure Prevention Resources
Fannie Mae and Freddie Mac Forbearance Program
Fannie Mae and Freddie Mac help American families by extending their Forbearance Programs to up to a maximum of 12 months. This Forbearance Program extension will assist families in keeping their homes while they look for work.
If you become unemployed and will be unable to make your mortgage payments, you may be eligible to receive a forbearance from your mortgage company/mortgage servicer which reduces or suspends your monthly mortgage payments for six months to a maximum of 12 months, if you qualify. Delinquent unemployed borrowers in an existing short time forbearance plan can be reviewed for an extended forbearance under the new policy. While in a forbearance, a borrower would not be subject to foreclosure.
The expanded forbearance programs became manadatory in 2012 for Freddie Mac owned-or guaranteed loans and Fannie Mae owned -or guaranteed loans. There are eligibility guidelines for these Forbearance programs. To determine if you qualify, you should contact your mortgage company/mortgage servicer.
Attorneys General Settlement
After many months of negotiation, 49 state attorneys general and the federal government reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. This bipartisan settlement will provide as much as $25 billion in relief to distressed borrowers in the states who signed on to the settlement; and direct payments to signing states and the federal government. It’s the largest consumer financial protection settlement in US history.
HOMEOWNER CONTACTS
Keep Your Home California
Programs designed to help low and moderate income homeowners retain their homes if they have suffered a financial hardship.
Hotline: 1 (888) 954-KEEP (5337)
www.keepyourhomecalifornia.org
U.S. Department of Housing and Urban Development
Resources: Housing Counseling and Refinance Program Information
FHA Hotline: 1 (800) 225-5342
http://www.hud.gov/foreclosure/index.cfm
Making Home Affordable/Alternative Options
Resources: Federal Government Refinance & Loan Modification Programs
Homeowners HOPE Hotline: 1 (888) 995- 4673
http://www.makinghomeaffordable.gov/
Legal Aid Foundation of Los Angeles
The Consumer Law attorneys and paralegals of Legal Aid Foundation of Los Angeles work on behalf of low-income homeowners who are targeted by unscrupulous lending entities and do not have the means to defend themselves.
Information Line: (800) 399-4529
www.lafla.org
Law Help California
Assistance in finding pro bono (free) law help for foreclosures and other legal issues
www.lawhelpca.org/