Foreclosure FAQs

• 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: Can I refinance or modify the loan on my rental home or duplex?
  A: Under certain federal loan modification or refinance programs, you cannot refinance or modify the loan on your rental or vacation home; you can only refinance or … More
• Q: Do I have to undergo debt counseling to participate in either the loan modification or refinancing programs under the Homeowner Affordability and Stability Plan?
  A: Maybe. You will be eligible for free counseling if you participate in either of these programs. However, you are not required to participate in counseling … 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: Will the Homeowner Affordability and Stability Plan save my home from foreclosure?
  A: It is possible that the Plan may save your home from foreclosure, but there are no guarantees. Many loan servicers have already stopped foreclosure proceedings … More
• Q: Should I have an attorney help me with a loan modification - or do it myself?
  A: You may contact your loan servicer directly about applying for a loan modification. You can also receive no-cost housing counseling about the options that might … More
• Q: What is required of me to get a loan modification? Will it cost me anything?
  A: Generally, you must contact your loan servicer about whether your mortgage loan is eligible for a loan modification under the Homeowner Affordability and Stability … More
• Q: My loan is scheduled for foreclosure. What should I do?
  A: Many lenders and loan servicers have made a commitment to postpone foreclosure sales on mortgages that meet the minimum eligibility criteria for loan modification … 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: Does a loan modification reduce the amount of money that I owe on my mortgage loan?
  A: Not usually.  Most loan modification programs just changes the terms of your loan, not the amount that you owe. However, if you successfully … More