Mortgage Loan Workouts FAQs
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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's the difference between loan modification and debt settlement?
A: Debt settlement typically involves working with a professional debt settlement company to negotiate with the creditors to whom you owe debts. Your creditor may, … 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
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