What Is Foreclosure?

Foreclosure is a legal process where your mortgage lender can take ownership of your home if your loan becomes severely past due—typically after 120 days without payment. Once a foreclosure begins, your home may be sold at auction. This can damage your credit score and impact your financial stability for years.

Steps to Prevent Foreclosure

The earlier you act, the more options you have. Here are practical ways you can avoid foreclosure and keep your home:

Talk to Your Lender

Don't wait for a notice. Reach out to your mortgage lender or loan servicer to explain your situation. You may qualify for options like:

• Repayment Plan: Make up missed payments over time.
• Forbearance: Pause or reduce your payments temporarily.
• Loan Modification: Permanently change your loan terms to lower your monthly payment.

 

Why Local Help Matters

As a San Diego-based credit union, we understand the regional housing market and offer personalized support tailored to our community. Whether you're in Chula Vista, La Mesa, Carmel Mountain, or anywhere across San Diego County, Cabrillo Credit Union is ready to stand with you.

Need Immediate Support?

If you’re facing foreclosure or struggling with late mortgage payments, our Asset Management team is ready to help you navigate options—confidentially and without judgment.