Defaulted Loans and Workouts FAQs

• Q: The borrower has defaulted, now what?
  A: Hire a real estate lawyer that specializes in defaulted loans and workouts that will assert your rights as a creditor and maximize your recovery. LawInfo Lead Counsel … 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 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: 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
• 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: 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: 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: 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