Foreclosure Prevention for Property Owners

Call us for free help: (833) 238-4450

You can reach a counselor Monday through Friday, 8:30 a.m. to 5:30 p.m.

Frequently Asked Questions

For Property Owners Impacted by COVID-19

What relief is available for property owners impacted by COVID-19?

Property owners impacted by COVID-19 may be eligible for temporary relief. The federal, state, and local governments announced several protections. Whether your loan is owned by the government, a national or state charter bank, or private institution, you may be eligible to reduce or delay payments for up to 18-months. This type of arrangement is called a Forbearance Plan/Agreement.

Furthermore, lenders may be limited in initiating foreclosures during the State of Emergency related to COVID-19. Please contact the Los Angeles County Disaster Help Center at (833) 238-4450, to assist you with inquiring about your eligibility or other foreclosure avoidance options.

Will I be charged a late fee?

Depending on the assistance provided by your lender, late fees may be waived during the agreement period.

Will my credit be impacted for not making payments?

Depending on the assistance provided by your lender, negative reporting to the credit bureaus may be suspended for the duration of the agreement period.

What if I am denied a forbearance?

If a lender denies a request for forbearance, they are required to provide a detailed explanation within 21-days of the denial, including ways to remedy the request.  If a revised request is provided to the lender, the lender has 5-days to either approve or deny the request.

What happens at the conclusion of the forbearance agreement?

Lenders are required to discuss information with borrowers concerning post forbearance loss mitigation options. The lender will be required to review individual borrowers based on guidance put out by the Federal Government. Please contact the Los Angeles County Disaster Help Center at (833) 238-4450, to assist you with inquiring about your options.

What is considered a COVID-19 hardship?

A COVID-19 hardship could be; a reduction or loss of income due to reduced hours, layoffs, or substantial decrease in business income caused by any local, state, or federal government response to COVID-19, or if you or someone you are caring for is being treated for the disease.

My property is currently in foreclosure, are there any protections for me?

If your property was in foreclosure prior to the pandemic/protection orders, you still may be protected. Some property owners may be eligible to have their foreclosure suspended until June 30, 2021. Property owners who have a Fannie Mae, Freddie Mac, or FHA insured loan, may be eligible for a 6-month forbearance, with the possibility of an additional 12-months. Additionally, foreclosure proceedings, including initiation or completion, will be forbidden until at least June 30, 2021 (foreclosure moratorium). Please contact the Los Angeles County Disaster Help Center at (833) 238-4450, to assist you with inquiring about your eligibility.

I’m a landlord and my tenant’s inability to pay rent has created a financial
hardship for me. Can you help me?

A new bill was passed in California requiring lenders to provide a forbearance plan to landlords with qualifying loans and who are experiencing financial difficulty due to a tenant’s inability to pay rent. To learn if you qualify for a forbearance or other loss mitigation option, please contact the Los Angeles County Disaster Help Center at (833) 238-4450 or by email at rent@dcba.lacounty.gov.

For assistance with your lender, please contact the Help Center at (833) 238-4450, to assist you with inquiring about your options.

Free Webinars: Help for Homeowners

Help for Homeowners free webinarsThis free Help for Homeowners series of webinars, hosted by the Los Angeles County Department of Consumer and Business Affairs and Center for Financial Empowerment, will provide L.A. County homeowners with the information and resources they need to manage through this difficult time.

Upcoming Help for Homeowners webinars:

2020 schedule complete
Webinars continue later in 2021

 

Previously recorded webinar presentations:
Refinancing During a Pandemic


Watch all previous Help for Homeowners webinars on DCBA’s Youtube page, including:

Homeowners Affected by the Bobcat Wildfire

Disaster recovery loans from the U.S. Small Business Administration (SBA) are now available to Los Angeles County residents and businesses who suffered damage as a result of the Bobcat wildfire that began on September 6, 2020.

Disaster loans up to $200,000 are available to homeowners to repair damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Updated Feb. 2, 2021
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