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As a result, the lender must seek loan modification first before proceeding with foreclosure. If you've fallen behind on paying your mortgage due to illness and a consequential reduction in your income, you may qualify for assistance via the government-sponsored Making Home Affordable program.

New York adopts “sweeping” new laws to tackle foreclosure problems – HousingWire

Loan forbearance is reserved for those hardest hit through unemployment, under-employment or illness. This program is designed as a temporary solution if you need time to get back on your feet to catch up with your mortgage payments. For a set period of time, the lender will reduce or suspend your mortgage payments based on your income and monthly mortgage note.

At the end of the period, the lender will require you to pay back the past due amount in a lump sum or additional payment plan. Bankruptcy may also be an alternative if you're interested in avoiding a foreclosure due to an illness and have other debts to consider. Both a Chapter 7 and Chapter 13 bankruptcy will effectively "stay" foreclosure proceedings and delay the process until the courts can rearrange your debts and create a payment plan.

Making arrangements with the lender, such as a loan modification or forbearance, may be more advantageous and less detrimental to your credit than a bankruptcy if you're only behind on your mortgage. Monica Dillon has more than 10 years experience in real estate sales, marketing, investing and appraising. She specializes in energy efficiency building practices and renewable energy. Dillon has been syndicated by the National Newspaper Publisher's Association.

Stop Foreclosure Fast! We Can Help You Save Your Home Now!

Skip to main content. California Homeowner Bill of Rights and Foreclosure California's foreclosure process is nonjudicial in nature. Mortgage Forbearance Rules If you've fallen behind on paying your mortgage due to illness and a consequential reduction in your income, you may qualify for assistance via the government-sponsored Making Home Affordable program.

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Bankruptcy Rules and Foreclosure Bankruptcy may also be an alternative if you're interested in avoiding a foreclosure due to an illness and have other debts to consider. If foreclosure proceedings have not started, you have the right to request a mortgage modification and prevent the lender from initiating a foreclosure as a result of the Consumer Financial Protection Bureau's new rules around limiting lenders performing "dual tracking," or pursuing foreclosure and allowing you to modify the loan at the same time. Before speaking with you lender, arm yourself with key pieces of information and a clear determination of your goal.

Have your loan information, current income and employment information.


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Additionally, be prepared to share your current situation with the lender and why you've missed payments. If the lender has a formal loan modification program, it will take a minimum of 30 days for the lender to review your loan modification request application and accompanying documentation. The lender may choose to modify your loan by lowering your interest rate, extending the length of the loan and number of payments or, in rare cases, forgive a portion of the loan. With the government-sponsored Making Home Affordable and lenders creating their own loan modification programs, you stand a good chance of coming up with an alternative to foreclosure if you act swiftly and in concert with the lender.


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  5. Several states require the lender to sit down with you in mediation to avoid foreclosure if you become delinquent on your loan and in default. In some cases, it may not be easy to find the right person with your loan servicer or mortgage company. Fannie Mae's Know Your Options and the Homeownership Preservation Foundation offer online resources and access to HUD-approved housing counselors who can assist you at no cost or at disclosed reduced rates to get your loan modified.

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    Monica Dillon has more than 10 years experience in real estate sales, marketing, investing and appraising. She specializes in energy efficiency building practices and renewable energy. Dillon has been syndicated by the National Newspaper Publisher's Association.

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