Consumer Finance and Foreclosure FAQs

• 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: What is a Power of Sale Foreclosure?
  A: A Power of Sale Foreclosure, also known as statutory foreclosure, is allowed by many states if the mortgage includes a "power of sale" clause. After a … More
• Q: What is Strict Foreclosure?
  A: Not all states allow for a "strict foreclosure."  In fact, according to HUD only a small number of states allow for it. In strict foreclosure … 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
• Q: I'm current on my mortgage. Will the Home Affordable Refinance help me?
  A: If you are current on your mortgage, you may be able to refinance your loan under the Home Affordable Refinance Program.  Many homeowners who … More
• 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