The City of Brentwood, in an effort to provide a point of reference, has complied up to date information on what you can do if you are having trouble making your mortgage payment.
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens.
The City of Brentwood wanted to let you know there are numerous resources and organizations that are available for assistance.
There are many sites on the internet that offer tips. The United States Federal Housing Administration website is among the most comprehensive consumer driven resource offering specific tips on actions to take, how to take it and frequently asked questions.
If you are late making payments or believe that you will soon be unable to continue to make payments as required, call your lender or call a certified HUD counselor today. Your house is your home; your family’s castle and your largest investment, so only get advice from someone whose job it is to look out for you. You want to be sure to get sound advice from a HUD Certified Housing Counselor and follow through on their recommendations. Find the right HUD Certified Counselor for your situation and in your area. You may choose to visit the HUD website directly to search for a counselor.
HUD has the authority to provide housing counseling services directly or through private or public organizations with special competence and knowledge in counseling low and moderate income families. See detailed information about HUD’s Certified Counseling program and requirements.