What's the difference between loan modification and debt settlement?

Additional Mortgage Loan Workouts FAQs

• Q: What is a loan modification, and how will it help me with my mortgage?
  A:   A loan modification occurs when a homeowner enters into an agreement with his or her mortgage loan servicer to change the terms of the mortgage. The goal … More
• Q: How do I know if I am eligible for a loan modification under the “Making Home Affordable
  A: You may be eligible if: • You are the owner occupant of a one to four unit home, • The loan on your property is owned or securitized by Fannie Mae or … More
• Q: What supporting documentation do I need to provide to get a loan modification?
  A: There may be certain information required by your lender that varies depending on the particular loan modification program for which you are applying.  However, … More
• Q: How long does it take to get a loan modification?
  A:   The length of time that it takes to get a loan modification depends greatly on how long it takes your mortgage holder to process your loan modification, as … More
• Q: Do I need to be behind on my mortgage payments to be eligible for a loan modification under the Home Affordable Modification?
  A: No, you do not need to be behind on your mortgage to qualify for loan modification under the Home Affordable Modification Program. Responsible borrowers who are … More
• Q: What do I need to give to my loan servicer if I am requesting a loan modification?
  A: You are likely to need the following documents for your loan modification request: ·         Recent paystubs or … More
• Q: Can lawyer really help with a loan modification?
  A: While there are many non-lawyer individuals and companies that offer loan modification services, a lawyer is the better choice if you are interested in a successful … More
• Q: What are the basic eligibility requirements for a loan modification under the Homeowner Affordability and Stability Plan?
  A: You must meet some minimum eligibility requirements in order to qualify for a loan modification under the plan: ·         … More
• Q: Will I be ineligible for a loan modification under the Homeowner Affordability and Stability Plan if I am current in my mortgage payments?
  A: No. You may still be eligible for a loan modification under the Homeowner Affordability and Stability Plan if you are current in your mortgage payments, but you are … More
• Q: Will I be eligible for a loan modification under the Homeowner Affordability and Stability Plan if I am behind in my mortgage payments, but my house is not yet in foreclosure?
  A: As long as you are otherwise eligible under the basic requirements discussed above, you have missed two or more mortgage payments, and your loan servicer is … More