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Foreclosure Avoidance Information – CalHFA Servicing
Posted: Administrator on Oct 17 | Headlines
If your CalHFA loan is serviced by CalHFA Loan Servicing (or you make your payments to CalHFA), see below.
Borrowers who are unable to afford their mortgage payments and wish to avoid foreclosure have options:
- Special Forbearance Plan – a written agreement allowing borrowers to either suspend or reduce monthly payments for a specified period of time until they are able to make payments to bring the loan current.
- Repayment Plan – a written agreement allowing borrowers to repay their late or unpaid mortgage payments by making a scheduled payment in addition to the regular monthly payment.
- Loan Modification – a change in one or more of the terms of the note in order to bring the loan current by adding the amount owed to the loan balance and/or re-adjusting the balance within the existing remaining term. This will not reduce the total loan balance.
- Short Sale – borrower selling the property and the lender accepting less than total balance of the loan.
- Deed-In-Lieu – borrower voluntarily gives up the title of the home to the lender.
- Military Relief – rights and protections provided under the Servicemembers Civil Relief Act or the California Military Families Financial Relief Act.
More detailed information regarding these options is available here.
If you have a loan serviced by CalHFA, and are worried about missing payments or wish to discuss options to avoid foreclosure, please:
- Call CalHFA’s Loan Servicing department, toll free, 800.669.1079, or contact CalHFA Loan Servicing by e-mail at servicing@calhfa.ca.gov.
- Keep CalHFA’s Loan Servicing department informed of your primary and secondary telephone numbers and current mailing address.
- Respond to CalHFA Loan Servicing department telephone calls and requests for information within the stated time frame.
- Contact a HUD-certified housing counseling agency at 800.569.4287.
- Gather information about your financial situation when discussing options for avoiding foreclosure.
- Send written requests and information to CalHFA’s Loan Servicing department by faxing to 916.324.1050 or mailing to
1121 L St., Ste. #103, Sacramento CA 95814.
Borrowers should have these documents ready when discussing options to avoid foreclosure with CalHFA Loan Servicing
- List of all expenses
- Copies of all current outstanding bills
- Copies of pay stubs for the previous two months
- Copies of last two year’s tax returns
- Copies of the past two months bank statements
Additional information may be requested by CalHFA’s Loan Servicing department in order to make a final decision on any option discussed. Approval by the mortgage insurer and investor may also be required.
Helpful toll free phone numbers & web sites
CalHFA Loan Servicing
800.669.1079
www.calhfa.ca.gov/myaccount
HUD-certified Housing Counseling Agencies
800.569.4287
www.hud.gov/foreclosure/index.cfm
California’s Consumer Home Mortgage Information
www.yourhome.ca.gov (in English)
www.sucasa.ca.gov (en Español)
Homeownership Preservation Foundation
888.995.HOPE (4673)
www.995HOPE.org
Rural Community Assistance Corp (RCAC) Foreclosure Counseling Agencies
http://www.rcac.org/news.aspx?80
Military OneSource
800.342.9647
www.militaryonesource.com
SOURCE: calhfa.ca.gov
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