Foreclosure Prevention Program

Foreclosure Prevention Program To prevent foreclosure of a home purchased under the Affordable Housing Program and for which the County holds an Affordability Mortgage and Lien, the County has five tools which it uses to prevent foreclosure:

  1. Assist homeowner in seeking a refinance of an existing loan from the first mortgage lender
  2. Assist homeowner in securing a loan modification from the first mortgage lender
  3. Grant emergency short-term mortgage assistance per program requirements in cases of job loss or other severe economic hardships
  4. Arrange a voluntary sale to another income qualified buyer meeting program requirements
  5. Purchase the home.

To date, five homes have been purchased and sold by the County under this program, using funds of the County Housing Authority. Three of the purchased homes are in Turquoise Trail, while two homes are in Rancho Viejo. For all of these homes, downpayment assistance was available.

Affordable Housing Program Staff

Rosemary Bailey, Housing Specialist
992-3055 and [bot protected email address]