Consumer Finance and Foreclosure FAQs

• Q: I've fallen on bad times and am having trouble paying my mortgage. What should I do?
  A: Homeowners facing financial difficulties and unable to make their mortgage payments are strongly encouraged to contact their lender. Many lenders offer assistance to … More
• Q: Are homeowners with interest only mortgages eligible for an FHASecure refinance?
  A: Yes, so long as you are current on your mortgage, you are eligible for an FHASecure refinance. If you are delinquent, the default must have been due to the payment … More
• Q: I'm in foreclosure... can refinancing under FHASecure still help me?
  A: It is possible that FHASecure may help homeowners already in foreclosure but each situation is unique.  Once in foreclsoure, your options to refinance your … More
• Q: What is included in a monthly mortgage payment?
  A: The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes, homeowner`s insurance, and mortgage … More
• Q: What are the requirements for an FHA Streamlined Mortgage Refinance?
  A: The basic requirements of an FHA streamlined mortgage refinance are: The mortgage to be refinanced must already be FHA insured.  The mortgage to be … More
• 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 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: What kinds of streamline refinances do lenders offer?
  A: According to the U.S. Housing and Urban Development Department (HUD), l enders may offer streamline refinances in several ways. Some lenders offer "no cost" … More
• Q: What is Judicial Foreclosure?
  A: All states allow this type of foreclosure, and some require it. In a judicial foreclosure, the lender files a type of lawsuit with the judicial system to foreclosure … 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: 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