Foreclosure is a legal process by which the lender or the seller of a property forces the sale of a mortgaged property because the borrower has not made payments or met the terms of the mortgage. A foreclosure can also be defined as a repossession of the property by the lender.

• Do Not Ignore the Problem: Do not ignore mail or phone calls from the lender. The lender will start the legal process if you do not respond.
  
  
• Know Your Mortgage Rights: Read your loan documents to find out what your lender will do if you do not make payments. Learn about foreclosure laws and time lines.
  
  
• Contact Your Lender: Your lender may be willing to work out a solution to the problem. Lenders are not in the business to foreclose on property. The longer you wait the more difficult it will be to work out a solution.
  
  
• Contact a Housing Counseling Agency: A HUD approved housing counseling agency will help you negotiate with the lender and work out a plan at no cost.
  
  
• Stay in Your Home: You may not qualify for assistance if you abandon your home.
  
  
• Develop and maintain a Monthly Home Budget: [View] Sample budget sheet.
  
  
• Beware of Predatory lending: Predatory lending is a term used to describe a wide range of abusive and unfair lending practices. Predatory lenders often try to pressure consumers into signing loan agreements they cannot afford or simply are not in the consumers' best interest. Often, through the use of false promises and deceptive sales tactics, borrowers are convinced to sign a loan contact before they have had a chance to review the paperwork and do the math to determine whether they can truly afford the loan.
  
  To learn more about predatory lending view the resources below:
  
  

  • [View] California Department of Real Estate - Avoiding Predatory Lending
    
    
  • [View] US Department of Housing and Urban Development - Predatory Lending

• [View] Foreclosure-Response.Org
  
  
• [View] Home Foreclosure Prevention Options Explained
  
  
• [View] Making Home Affordable
  

[View] Homebuyers Guide (PDF)

[View] No Home Owner Left Behind Central Valley

[View] HOPE NOW

[View] The California Foreclosure Timeline

[View] Housing and Urban Development

[View] Housing Education

[View] Federal Housing Finance Agency

[View] California Foreclosure Law Summary

[View] Internal Revenue Service

[View] Neighborworks

• Habitat for Humanity
  630 Kearney Avenue
  Modesto, Ca 95350
  www.stanislaushabitat.org
  
  
  
• Project Sentinel
  1419 K Street
  Modesto, CA 95354
  (209) 236-1577
  www.housing.org
  
  
• Stanislaus County Affordable Housing Corp (STANCO)
  201 East Rumble Road, Suite A-1
  Modesto CA, 95350
  (209) 574-1155
  
  
• Home Loan Counseling Center Sacramento
  1800 Tribute Road, Suite 150
  Sacramento, CA 95815
  (209) 872-9685
  www.hlcc.net

[View] Foreclosure Glossary of Terms