your partner during difficult times

We’re Always Here to Help You Navigate Housing Challenges 

When you’re a homeowner, it’s undeniable that there is a lot at stake. It’s exciting and  exhilarating to have a home to call your own, but it can also be scary and uncertain if you find  yourself faced with unforeseen circumstances or financial challenges that affect your ability to  pay your mortgage. It may seem that home ownership is unforgiving in this area, but the truth  is that there are many options designed to help homeowners who are faced with a challenging  or stressful housing situation.  

Your lender can help you identify the best plan for your home, whether you are underwater on  your mortgage, facing foreclosure, or find that you are financially stretched and no longer able  to afford your monthly payments. There is always help available, but time is of the essence. 

Financial Challenges of Home Ownership

Whether due to job loss, illness, personal life changes, or any number of other circumstances,  financial challenges can strike unexpectedly and can turn your world upside down. During this  intensely stressful time, please know that you aren’t alone, and that there are always resources  to help. Especially in the time since the Great Recession, lenders have realized it is in their best  interest to help borrowers avoid foreclosure, and many are able to initiate proactive solutions  that can provide the help you need to weather a financial storm. 

Lenders are often willing to offer loan modifications, which will change the original terms of  your mortgage, resulting in lower and more affordable monthly payments. Lenders can also  potentially agree to a short sale, which would mean selling your home for less than what you  actually owe on your mortgage. This is a preferable option to a foreclosure, as it is less  damaging to your credit rating and provides the opportunity to purchase another home more  easily in the future, versus going through the foreclosure process. 

What Next?

If you find yourself facing a financial struggle, here are a few tips that will help you receive  assistance to carry you through unforeseen housing challenges. 

1. If you receive a letter from your lender, don’t ignore it. Reach out to the lender  immediately to discuss your situation in detail and work together toward an optimal  solution. Failure to address the situation immediately may force your lender to initiate  the foreclosure process and proceed accordingly. 

2. If you don’t feel comfortable speaking directly with your lender, you can also reach out  directly to a local, non-profit HUD-approved agency who can assist in working with your  lender on your behalf. Their services are typically free of charge, and after receiving  your authorization, they would work with your lender on an agreeable resolution. Always be wary of agencies that request payment for their services.

3. Don’t be afraid to ask for assistance. There are many resources available to help  homeowners who face housing challenges, whether temporary or long-term, and the  most important thing is to reach out for help as soon as possible. 

Please feel free to contact the team at Stellar California for guidance if you find yourself in a challenging housing situation at any time, or if you have any questions about your housing options.