California Mortgage Help

Info for Home Owners

Consumer Home Mortgage Information, with info on avoiding scams, trouble making payments, avoiding foreclosure, what to do when you're losing your home, and credit counseling. County-by-county listings are also available from the site.
Consumer Home Mortgage Information

Home Loan News

California may be getting some much needed help with mortgages in default, according to this news article. The state has already sued Countrywide and others for illegally representing home loans. Now there is word from Sacrmento that the governor will lobby for a 'stay of execution' for first mortgage defaulters, at least for 90 days.

In an effort to slow the pace of home foreclosures and stabilize California's shaky economy, Gov. Arnold Schwarzenegger yesterday unveiled a proposal to help borrowers modify troubled mortgages while making lenders more accountable.

The centerpiece of the plan is a 90-day stay of foreclosure for owner-occupied homes that have a first mortgage in default. Schwarzenegger today is expected to call for a special session of the Legislature to consider the strategy, along with other economic issues.

Under the proposal, lenders could exempt themselves from the 90-day stay by providing evidence that they have an aggressive loan modification program in place. An “aggressive” program is broadly defined as one that will keep troubled borrowers in their homes in cases where doing so brings lenders a greater return than simply foreclosing.

Faced with the 90-day freeze on foreclosures, lenders will be more inclined to work with borrowers, California Department of Corporations Director Preston DuFauchard said during an afternoon teleconference with reporters.

Read the full article here

Avoid Mortgage Scams like this one!
"After falling behind on their house payments, Eleuteria and Arthur Washington of Redlands responded to a flier they got in the mail promising to help them renegotiate their mortgage. What happened next, says the California attorney general's office, was an example of the kind of mortgage scam that has become rampant amid rising foreclosures."
Los Angeles Mortgage Scam

California Mortgage Help Model has critics
President Bush's plan to freeze interest rates on some subprime loans might be popular with homeowners who signed on to risky teaser-rate loans that are about to reset, but plenty of other people are angry at what they see asa bailout of reckless banks and borrowers.
California Mortgage Help Model

California Mortgage Help