Foreclosure FAQs

• 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
• Q: Am I eligible to refinance my mortgage loan under the Homeowner Affordability and Stability Plan if I am behind on my mortgage payments?
  A: No. In order to be eligible for refinancing under the Plan, you must not have been more than thirty days late on a mortgage payment over the last twelve months. 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
• 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 is Deed-In-Lieu of Foreclosure?
  A: A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations … More
• Q: What happens during Assumption of a mortgage?
  A: Assumption of an FHA-insured mortgage is a servicing function where the responsibility of the mortgage is acquired by another person through either Simple or … More
• Q: What is a pre-foreclosure sale?
  A: HUD's Preforeclosure Sale (PFS) Program allows the mortgagor in default to sell his/her home and use the net sale proceeds to satisfy the mortgage debt even though … More
• Q: What is a Special Forbearance?
  A: A Special Forbearance (SFB) is a written repayment agreement between a mortgagee and a mortgagor, which contains a plan to reinstate an asset that is minimum three … More