San Diego County is a popular area for homebuyers and homeowners alike. However, as with any area, homeowners in San Diego and beyond may experience financial difficulties that can make it difficult to keep up with their mortgage payments.
If you’re a homeowner in California and find yourself struggling to make payments and are facing foreclosure, you have access to a variety of programs and resources designed to assist you in avoiding foreclosure.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments. It can be a stressful and overwhelming experience for homeowners who find themselves unable to keep up with their mortgage payments. However, there are steps you can take to avoid foreclosure and protect your home.
This article will provide you with information about the many different options available to you, including resources for those with VA loans in California. Whether you’re facing financial hardship or simply looking for proactive ways to protect your investment, the tips and resources outlined in this article can help you stay in your home and avoid the devastation of foreclosure.
Contact Your Lender
If you’re struggling to make your mortgage payments, the first step is to contact your lender. Many lenders are willing to work with borrowers to find a solution that will help them keep their home. This may include a loan modification, forbearance, or a repayment plan. It’s important to act quickly and communicate with your lender as soon as possible to avoid foreclosure.
Seek Housing Counseling
Housing counseling can be a valuable resource for homeowners who are struggling to make their mortgage payments. HUD-approved housing counseling agencies can provide you with free or low-cost counseling and help you explore your options. These counselors can help you create a budget, negotiate with your lender, and understand the foreclosure process. You can find a list of HUD-approved housing counseling agencies in San Diego County here: https://www.hud.gov/states/california/homeownership/hsgcounseling
Consider a Short Sale
If you’re unable to keep up with your mortgage payments and owe more than your home is worth, a short sale may be an option. A short sale is when you sell your home for less than the outstanding balance of your mortgage, and your lender agrees to accept the proceeds as full payment. This can help you avoid foreclosure and minimize the impact on your credit score. However, a short sale can be a complicated process, so it’s important to work with a real estate agent who has experience with short sales
Explore Government Programs
There are several government programs that can help homeowners facing foreclosure. For example, the Home Affordable Modification Program (HAMP) is a federal program that offers loan modifications to homeowners who are struggling to make their mortgage payments. Additionally, the California Housing Finance Agency (CalHFA) offers programs such as the Keep Your Home California program, which provides financial assistance to eligible homeowners. You can learn more about government programs and eligibility requirements here: https://www.hud.gov/states/california/homeownership/foreclosure
VA Loan Resources
If you have a VA loan and are struggling to make your mortgage payments, there are specific resources available to you. The Department of Veterans Affairs (VA) offers several programs to help veterans avoid foreclosure. The VA Home Retention Program provides counseling and financial assistance to help veterans keep their homes, while the VA Loan Modification Program offers loan modifications to eligible veterans. Additionally, if you’re facing a temporary financial hardship, you may be eligible for a forbearance, which temporarily suspends your mortgage payments. It’s important to contact your lender or a HUD-approved housing counseling agency to learn more about these options and find the best solution for your situation. Remember, as a veteran, you have unique resources and support available to you, so be sure to take advantage of them.
Facing foreclosure can be a challenging and stressful experience, but there are resources and options available to help you avoid it. If you’re a homeowner in San Diego County, California, be sure to contact your lender, seek housing counseling, consider a short sale, and look into VA loans. With the right knowledge and resources, you can protect your home and avoid foreclosure.
ADDITIONAL RESOURCES
- HUD-approved housing counseling agencies: https://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
- Foreclosure prevention information from the Consumer Financial Protection Bureau: https://www.consumerfinance.gov/about-us/blog/we-have-resources-help-avoid-foreclosure/
- California Department of Real Estate’s information on avoiding foreclosure: https://www.dre.ca.gov/files/pdf/foreclosurebrochure0909.pdf
- Keep Your Home California program: https://www.keepyourhomecalifornia.org/
- The Making Home Affordable program: https://www.makinghomeaffordable.gov/
- National Foundation for Credit Counseling’s foreclosure prevention resources: https://www.nfcc.org/resources/foreclosure/
- Information on VA loans and eligibility requirements: https://www.benefits.va.gov/homeloans/
- Information on government programs to help homeowners facing foreclosure: https://www.hud.gov/states/california/homeownership/foreclosure
- California Mortgage Relief Program: https://camortgagerelief.org/
- VA Loan Modification Program Bank of America: https://homeloanhelp.bankofamerica.com/en/va-loan-modification.html
- Information on forbearance for VA loans CARES Act Forebarence Fact Sheet: https://www.benefits.va.gov/homeloans/documents/docs/COVID-19_Fact_Sheet_4_Forbearance.pdf
- HUD -Providing Foreclosure Prevention Counseling
https://www.hudexchange.info/programs/housing-counseling/foreclosure-prevention/ - DOWNLOAD OUR HOMEOWNERS GUIDE TO FORECLOSURE TO CALIFORNIA –GuidecourtesyofhomesinsdcountyCOMPRESS
Hopefully these resources are helpful to anyone who is facing the possibility of foreclosure in San Diego County, especially those who have VA loans and looking for help and support.
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