Page Contents (click to jump to a section):
STEPS YOU CAN TAKE AS A HOMEOWNER
NOTICE REGARDING BMR HOUSING
OTHER HELPFUL HOMEOWNER RESOURCES
SAN FRANCISCO TENANT RESOURCES
STEPS YOU CAN TAKE AS A HOMEOWNER
If you are experiencing financial hardship and may be at risk of missing your mortgage payments or if you are at risk of foreclosure – we encourage you to do the following (please review all the items below and follow through on the ones best suited to your situation):
- Contact your mortgage lender and speak to a Foreclosure Prevention or Loss Mitigation Specialist.
- If you need guidance before calling your lender, you may also contact one of the following non-profit housing counseling agencies:
A housing counselor can help you assess your situation and guide you in applying for the different options that may be available from your mortgage lender. These agencies are certified by HUD, and the foreclosure prevention counseling service is offered to the public for free.
- Familiarize yourself with the foreclosure process and timeline (click for info from HUD presented in a new browser window).
- Submit a written, signed and dated hardship letter to your mortgage lender. Include any documents that support your hardship claim. Submit any and all financial documents requested by your lender, including bank statements, pay-stubs, tax returns, as well as any other forms requested by your lender. Retain photocopies of all the forms you submit to your lender.
- Familiarize yourself with the different terms and options to avoid further loan payment default or foreclosure. Ask your lender about the following (you may also view a glossary of terms on HUD's website):
- a. Reinstatement (Cure)
- b. Repayment Plan
- c. Loan Modification / HAMP (Home Affordable Modification Program)
- d. Forbearance Agreement
- e. Special Forbearance
- f. Refinance / HARP (Home Affordable Refinance Program)
Inquire if there are any other options that are not listed above.
- Follow-up! It does not hurt to contact your lender as often as necessary to request an update about your application for hardship program evaluation. Before agreeing to or signing unfamiliar terms or documents – reach out to a housing counselor for guidance (see item #2, above, for a listing of non-profit housing counseling agencies).
- If keeping your home is no longer a realistic option – think about the following (talk with your housing counselor and lender):
- a. Consider selling the property
- b. Ask about Short Sale – only if your outstanding loan exceeds the value of the property
- c. Ask about Deed-In-Lieu of Foreclosure
- d. Ask about transition assistance or cash for keys
IMPORTANT: Please beware of foreclosure rescue or loan modification scams! Do not give any money up-front to any individual or organization that claims that they can help save your home from foreclosure or you get your mortgage loan modified.
If you or someone you know is a victim of fraud, please report it to the State of California Department of Justice, Office of the Attorney General. |
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NOTICE TO PUBLIC REGARDING BMR HOUSING
Restrictions on homeownership units under the Inclusionary Below Market Rate Housing or BMR program survives foreclosure. The public is advised to carefully review and examine Title Reports when purchasing property in foreclosure. BMR units must be resold to a program and income qualified first-time homebuyer only. If you have any questions regarding this notice, you may contact the Mayor’s Office of Housing and Community Development at (415) 701-5500.
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OTHER HELPFUL HOMEOWNERSHIP RESOURCES
Please visit the sites below for further helpful information:
To learn about foreclosure prevention workshops and events, please visit:
- HomeownershipSF (a collaboration of experienced, nonprofit homeownership service providers)
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SAN FRANCISCO TENANT RESOURCES
If you are a tenant residing in a rental unit that is in the process of foreclosure, you may contact one of the following agencies for advice:
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