If you are a homeowner at risk of foreclosure, you need to know there are programs and services that can help.
It is important to act quickly and before you are three months delinquent on your mortgage payment. The first plan of action should be to contact your lender and address the problem immediately. If you would like to become more knowledgeable and well informed on the types of foreclosure prevention options available to you, contact a certified foreclosure intervention counselor. The following links can put you in contact with a foreclosure intervention counseling agency, which are provided at no cost to you:
U.S. Housing and Urban Development (HUD) Homeowner Counseling
NeighborWorks America Center for Foreclosure Solutions
(800) 995-HOPE (4673)
If you are unable to make your mortgage payments, you still may be able to avoid foreclosure by:
- Avoiding foreclosure scams. You do not need to pay fees for foreclosure prevention assistance. Many for-profit or non-profit agencies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee for information and services your lender or a HUD approved Housing Counselor will provide at no cost if you contact them.
- Do not ignore letters from your lender; it may contain information on foreclosure prevention alternatives.
- Contact your lender. Address the problem immediately and before you are three months delinquent on your mortgage payment. By then, the loan is turned over to foreclosure attorneys and fees can add up.
- Find your mortgage paperwork and read it to understand the terms.
- Finally, foreclosure should be your action of last resort since it will stay on your credit report for at least 10 years and considerably affect your ability to obtain a home loan or credit in the future.
Although the City of Burbank does not offer financial assistance to home owners who are unable to make mortgage payments, we hope that the information provided will help you get through these difficult times and keep your home.
If you have further questions, please contact the Housing and Economic Development Division at (818) 238-5180.