Foreclosure FAQs

• 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
• Q: If I am not eligible for a loan modification under the Homeowner Affordability and Stability Plan, is there anything else I can do to lower my monthly mortgage payments?
  A: If you are not eligible for the loan modification program, you may still be able to refinance your loan, which can result in lower monthly mortgage … 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: How do I know if I am eligible for refinancing my mortgage loan under the Homeowner Affordability and Stability Plan?
  A: In order to be eligible for refinancing under the Plan, you must live in your home, the balance of your first mortgage must be roughly equal to or less than the … 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: 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: I have two mortgages on my home. Can I modify or refinance both mortgage loans under the Homeowner Affordability and Stability Plan?
  A: No. Only your first mortgage is eligible for modification or refinancing under the Plan.  More
• Q: If I refinance my home under the Homeowner Affordability and Stability Plan, can I get the cash equity from my home to pay off other debts?
  A: No. The Plan only allows you to add the costs of the refinancing, such as appraisal or title fees, into the amount that you owe on your mortgage loan. 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