Avoid Foreclosure FAQs

• Q: What are the eligibility requirements to refinance under the Making Home Affordable Plan?
  A: You may be able to refinance your mortgage under the Making Home Affordable Plan if:  • You are the owner occupant of a one to four unit home; •The … More
• Q: How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?
  A: You should call your mortgage lender or servicer (the organization to whom you make your monthly mortgage payments) and ask about the program. Both Fannie Mae and … More
• Q: I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?
  A: You may still be able to refinance your home under the Making Home Affordable Plan even if you owe more than your property is worth.  Eligible loans will include … More
• Q: Will refinancing lower my payments?
  A: Refinancing your home often will lower your monthly payments.  However, whether your payments are reduced may depend upon how your home is refinanced and whether … More
• Q: Will refinancing my mortgage under the Home Affordable Refinance Program, or other programs, reduce the amount that I owe on my loan?
  A: Refinancing your mortgage under the Home Affordable Refinance Program will not reduce the amount you owe on the mortgage. The objective of the Home Affordable … More
• Q: How do I apply to refinance my mortgage under the Home Affordable Refinance Program?
  A: You should call your mortgage servicer or lender and ask about the Home Affordable Refinance application process. The number is on your monthly mortgage bill or … More
• Q: Who is eligible for a loan modification under the Home Affordable Modification Program?
  A: To apply for a Home Affordable Modification, you must: • Be an owner-occupant in a one to four unit property; • Have an unpaid principal balance that is … More
• Q: What is Deed-In-Lieu of Foreclosure?
  A: A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations … More
• Q: What happens during Assumption of a mortgage?
  A: Assumption of an FHA-insured mortgage is a servicing function where the responsibility of the mortgage is acquired by another person through either Simple or … More
• Q: What is a pre-foreclosure sale?
  A: HUD's Preforeclosure Sale (PFS) Program allows the mortgagor in default to sell his/her home and use the net sale proceeds to satisfy the mortgage debt even though … More