Foreclosure Prevention Counseling

Schedule a one-on-one appointment with our certified counselors to find the best solution to your current financial situation. Our counselors will help you develop an action plan and budget. These individualized plans can include possible solutions such as loan modification, refinancing, repayment and forbearance plans as well as the Hardest Hit Fund (Keep Your Home California).

 

What is Foreclosure?

Foreclosure is a legal process in which the bank sells your property to satisfy your mortgage debt.The process takes a minimum of 231 days from the time you stop making payments. The following is a timeline detailing how the foreclosure process works.

 

60 – 90 days elapsed
Borrower becomes delinquent due to non-payment.

 

120 days elapsed
Lender sends “Notice of Intent” that declares the borrower to be in default. It states the amount due and gives the borrower 30 days to correct the delinquency.

 

210 days elapsed
If the lender does not receive payment within 30 days after filing the “Notice of Intent” the lender may file a “Notice of Default”. This recorded document is public record which must be in place for 90 days.

 

231 days elapsed
If the 90 days “Notice of Default” period passes without the borrower and lender coming to a resolution, the lender can then publish a “Notice of Sale”. This notice must appear publicly for 20 days. The property can be sold on the 21st day.

Shalom Center’s professional foreclosure prevention counseling team will offer free help to help homeowners get back on track with their mortgage payment. Schedule an appointment with our certified housing counselors. (213) 380-3700