Consumer Finance and Foreclosure FAQs

• Q: Who can help me apply for the Hope for Homeowner's Act program?
  A: The FHA does not accept loan applications for the Hope for Homeowner's Act program directly. Borrowers seeking help should contact their lender, another FHA-approved … More
• Q: Who can help me apply for the Hope for Homeowner's Act program?
  A: The FHA does not accept loan applications for the Hope for Homeowner's Act program directly. Borrowers seeking help should contact their lender, another FHA-approved … More
• Q: Can a creditor add interest to a debt?
  A: Yes. The FDCPA allows a collector to add interest to a debt if the original agreement calls for the addition of interest during collection proceedings or the addition … More
• Q: What can't a creditor do?
  A: Contact third parties, other than an attorney or a credit bureau, except to locate you Call you repeatedly or contact you before at an unreasonable time (the law … More
• Q: How much can I borrow under the Hope for Homeowner's Act?
  A: If you are approved for a H4H mortgage, your new mortgage will be no more than 90% of the new appraised value of your home with the lender essentially writing … More
• Q: What costs are associated with a new mortgage under the Hope for Homeowner's Act?
  A: If you are approved for a new mortgage under the Hope for Homeowner's act, the new mortgage will replace all of the current mortgages on your home. You will not … More
• Q: When can a creditor garnish wages?
  A: For the most part, a creditor must sue, obtain a court judgment and then solicit the help of a sheriff or other law enforcement officer to garnish wages. Even then, a … More
• Q: What can a creditor do if a debtor won't pay?
  A: Creditors are very likely to report the delinquencies to one or more credit bureaus, thus harming the credit record. In Idaho they may seek a judgment and court order … More
• Q: If I refinance under the Hope for Homeowner's Act, can I take out a second mortgage later?
  A: You cannot take out a second mortgage for the first five years of the loan, except under certain circumstances for emergency repairs. More
• Q: What is the interest rate on a new Hope for Homeowner's Act mortgage?
  A: The interest rate for the new mortgage will be based on current market interest rates and will be provided by the lender. More
• Q: Can a creditor give a debtor bad credit?
  A: In many cases, the creditor will give a bad credit rating by reporting a late payment or failure to pay to a credit reporting agency. A bad credit rating may affect … More