When and why does foreclosure begin?

Tue, 29 May 2007 21:19:00 GMT

Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction.

A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale.

Some sales allow the successful bidder to take possession immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them.

Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual's credit history.

Am I eligible to refinance my mortgage loan under the Homeowner Affordability and Stability Plan if I am behind on my mortgage payments?

Mon, 09 Mar 2009 02:11:00 GMT

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.

Are all mortgage loans eligible for refinancing or loan modification under the Homeowner Affordability and Stability Plan?

Mon, 09 Mar 2009 02:29:32 GMT

Yes, most types of loans, including adjustable-rate mortgages, prime or sub-prime mortgages, and loans through Freddie Mac, Fannie Mae, or private lenders are eligible under the Plan. Federal government loan programs, such as VA or FHA loans, also will be eligible under the Plan or some sort of similar program.

Can I refinance or modify the loan on my rental home or duplex?

Mon, 09 Mar 2009 02:24:09 GMT

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 modify the loan on your primary residence for those programs. If you own a duplex, but you rent it out, you cannot refinance or modify the loan on that duplex. However, if you rent one side of the duplex and live in the other side, it is your primary residence, and you can refinance or modify the loan on the duplex.

However, your lender may certainly agree to a refinance or other assistance program on investment property.

Do I have to undergo debt counseling to participate in either the loan modification or refinancing programs under the Homeowner Affordability and Stability Plan?

Mon, 09 Mar 2009 02:18:01 GMT

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 unless you have very high debts in relation to the amount of your income.

Does a loan modification reduce the amount of money that I owe on my mortgage loan?

Mon, 09 Mar 2009 01:47:24 GMT

Not usually. Most loan modification programs just changes the terms of your loan, not the amount that you owe. However, if you successfully participate in the loan modification program, you may be eligible to receive credits of up to $5,000.00 toward the principal balance on your loan from the government. Other programs, however, may provide for reduction of the principal amount due on your loan.

How do I apply to refinance my mortgage under the Home Affordable Refinance Program?

Tue, 12 May 2009 17:11:56 GMT

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 coupon book. It may take some time to speak to someone at your bank about refinancing under this option. This is because the program is fairly new, so lenders and servicers are just beginning to implement the program and it may take time before they are ready to process all applications. In the meantime, it will help your lender and speed up the application process if you gather some information and documents before you call.

You should speak to an attorney regarding your refinancing options as well. You may qualify for a variety of programs and an attorney will be able to explain which program is best for your situation. Also, when you are represented by an attorney, the attorney may be able to speed up the process of getting your refinance approved by your lender.

How do I know if I am eligible for refinancing my mortgage loan under the Homeowner Affordability and Stability Plan?

Mon, 09 Mar 2009 01:54:46 GMT

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 current value of your home, you must be current in your mortgage payments, and you must have income sufficient to make your mortgage payments.

How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?

Tue, 12 May 2009 16:51:31 GMT

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 Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Borrowers will provide or enter information to determine if either agency owns or securitized the loan. This information is not a guarantee of eligibility for the refinance program, as other qualifying criteria must also be met.

Fannie Mae: 1-800-7FANNIE (8am to 8pm EST).
Freddie Mac: 1-800-FREDDIE (8am to 8pm EST)

How do I know if my loan servicer is participating in the Homeowner Affordability and Stability Plan?

Mon, 09 Mar 2009 02:35:18 GMT

You should check with your loan servicer to see if it is participating in the Plan. If your loan servicer is not participating in the Plan, you should still check with your loan servicer in order to see if it offers other types of programs that could allow you to maintain your home. Also, contact an attorney in your area to discuss your eligibiltiy for loan modifications under this, or other, programs.

How do creditors get paid when foreclosing on a house to satisfy unpaid debts?

Wed, 09 Apr 2008 08:27:26 GMT

A foreclosure is where the creditor collects its lien by forcing a sale of the debtor's real property. The creditor receives the amount of the proceeds from the sale equal to the unpaid debt plus expenses incurred in collecting the debt. Any other creditors there may be would receive their share of the proceeds and any remaining proceeds go to the debtor. Priority is the order in which creditors receive proceeds from the foreclosure sale. The lien held by the bank that provided a first mortgage to purchase the home is usually the first in line having priority in the sale proceeds. If the foreclosure is a result of a creditor enforcing a judgment, that creditor may still be second in line behind the first mortgage holder in receiving proceeds from the forced sale. The manner in which mortgage foreclosures are handled vary form state to state. In some states, a creditor may foreclose a mortgage without going to court while in other states it requires a complex court proceeding.

How long does it take to get a loan modification?

Fri, 06 Mar 2009 03:09:17 GMT

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 well as how long it takes you to provide your mortgage holder with all of the information necessary to modifying your loan. Given the expected increase in loan modification requests as a result of the Homeowner Affordability and Stability Plan, it may take weeks or even months for your mortgage holder to process your loan modification.

However, you can help speed up the process of your loan modification by gathering the necessary documents that you will need for your loan servicer to process your loan modification request. If you have all these documents readily available for your loan servicer, then your loan servicer can get started right away in determining whether you are eligible for a loan modification, and, if so, in processing your loan modification.

I have already filed for bankruptcy. Will the Homeowner Affordability and Stability Plan help me keep my home?

Mon, 09 Mar 2009 01:36:21 GMT

While the Plan does not contain specific provisions about consumers who are already in bankruptcy, the Helping Families Save Their Homes Act of 2009, which is currently pending before the U.S. Senate, does contain some provisions that can help you keep your home. The Act would give bankruptcy judges the authority to modify your mortgage loan in order to make it possible for you to continue living in your home.

I have two mortgages on my home. Can I modify or refinance both mortgage loans under the Homeowner Affordability and Stability Plan?

Mon, 09 Mar 2009 02:02:42 GMT

No. Only your first mortgage is eligible for modification or refinancing under the Plan.

I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?

Tue, 12 May 2009 16:57:30 GMT

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 those where the first mortgage will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less on your first mortgage you may qualify. The current value of your property will be determined after you apply to refinance.

I'm current on my mortgage. Will the Home Affordable Refinance help me?

Tue, 12 May 2009 16:46:07 GMT

If you are current on your mortgage, you may be able to refinance your loan under the Home Affordable Refinance Program. Many homeowners who are current on their mortgages have been unable to efinance their mortgages and rtake advantage of today's lower interest rates because their homes have decreased in value. These eligible borrowers may now have the opportunity to refinance. Through the Home Affordable Refinance Program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.

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?

Mon, 09 Mar 2009 01:51:33 GMT

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 payments. However, if you currently have an interest-only loan or adjustable rate mortgage, refinancing could actually result in a higher monthly payment, although it may reduce the total amount that you must pay over the life of the loan.

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?

Mon, 09 Mar 2009 02:07:14 GMT

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.

My loan is scheduled for foreclosure. What should I do?

Wed, 22 Apr 2009 21:15:34 GMT

Many lenders and loan servicers have made a commitment to postpone foreclosure sales on mortgages that meet the minimum eligibility criteria for loan modification under various modification and refinance plans. These lenders and servicers want to evaluate such loans so that eligible homeowners can obtain appropriate modifications and avoid foreclosure. However, the clock is often ticking.... Borrowers whose loans have been scheduled for foreclosure or any borrower that has missed one or more mortgage payments and has not yet spoken to their servicer should contact the servicer immediately. Borrowers may also contact a HUD-approved housing counselor. Borrowers are also encourgaged to discuss their situation with an attorney in order to maximize their chances for obtaining a loan modification quickly and efficiently.

Should I have an attorney help me with a loan modification - or do it myself?

Mon, 09 Mar 2009 01:40:28 GMT

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 be available to you. However, if you are facing foreclosure or bankruptcy, or otherwise in serious need of a loan modification, you should talk to an attorney about your situation immediately. An attorney has an advantage in negotiating a loan modificaiton with your lender since an attorney is readily familiar with all of the legal obligations the lender owes to you. Also an attorney can counsel you about your eligibility for various modification programs and which program would be best for your situation.

What are the basic eligibility requirements for a loan modification under the Homeowner Affordability and Stability Plan?

Fri, 06 Mar 2009 03:17:39 GMT

You must meet some minimum eligibility requirements in order to qualify for a loan modification under the plan:

· You have to live in your home, which can be a single-family home or a house containing up to four units or apartments.

· Your unpaid principal balance on your mortgage loan is less than $729,750 (or a higher amount in the case of a multi-unit house.

· You entered into your mortgage loan before January 1, 2009.

· Your monthly mortgage payment (including property taxes and insurance premiums) is more than 31% of your gross monthly income.

· Your monthly mortgage payment is no longer affordable for you due to some change in your circumstances.

If you meet all of these requirements, your loan servicer must consider your request for a loan modification. However, your loan servicer will ultimately decide whether you are entitled to a loan modification under the Plan.

What are the eligibility requirements to refinance under the Making Home Affordable Plan?

Tue, 12 May 2009 16:49:23 GMT

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 loan on your property is owned or securitized by Fannie Mae or Freddie Mac;

•At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment);

•You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house;

•You have income sufficient to support the new mortgage payments; and

•The refinance improves the long term affordability or stability of your loan.

What do I need to give to my loan servicer if I am requesting a loan modification?

Fri, 06 Mar 2009 03:12:48 GMT

You are likely to need the following documents for your loan modification request:

· Recent paystubs or documentation of your monthly gross household income

· Your most recent income tax return

· Documentation of any debts that you owe, including credit cards, student loans, vehicle loans,

etc., which shows the amount of the debts and your monthly payments on those debts

· Documentation of a second mortgage, if you have one, including the amount owed on the mortgage loan and the monthly payment amount

· Information about any other assets that you own

· A letter of explanation as to why you need a loan modification, i.e. the circumstances that have caused your financial hardship, such as job losses, medical expenses, etc.

What happens during Assumption of a mortgage?

Tue, 12 May 2009 17:40:52 GMT

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 Creditworthiness process. Individuals may assume mortgages originated prior to December 1, 1986, by utilizing the "Simple Assumption" process. For those mortgages originated on December 1, 1986 and thereafter, HUD placed certain restrictions on the assumption of those FHA-insured mortgages and those mortgages have to go through the Creditworthiness Assumption process.

What is Deed-In-Lieu of Foreclosure?

Tue, 12 May 2009 17:35:41 GMT

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 under the mortgage. A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments.

What is a Special Forbearance?

Tue, 12 May 2009 17:45:42 GMT

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 mortgage payments due and unpaid.

What is a loan modification, and how will it help me with my mortgage?

Fri, 06 Mar 2009 03:05:50 GMT

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 of a loan modification is to lower monthly mortgage payments to a level that homeowners can better afford, thus decreasing the risk of foreclosure. Typically, loan modification programs are targeted at homeowners whose ability to afford their current mortgage payment has declined, either due to job loss, increased interest rates, decreased home values, or other similar circumstances.

The exact provisions of loan modifications vary among loan servicers. For instance, some programs may reduce your payments and/or interest rate on your loan for a certain period of time. Other programs may make permanent modifications to your loan. Again, different loan servicers may have different loan modification programs, so you’ll need to check with your loan servicer in order to find out the terms of any available loan modification programs, or other programs designed to help you stay in your home.

Under the Homeowner Affordability and Stability Plan, loan modification will lower your monthly mortgage payment to an interest rate that is not more than approximately 31% of your monthly gross income. You will be given a trial period of three months under the new interest rate, and a new monthly payment schedule. If you are successful in making your payments during the trial period, you can enter into a loan modification that lasts five years. After five years, your interest rate will go up again at a rate of no more than 1% per year; however, your interest rate will never be higher than the current market interest rate on the date that you entered into the loan modification agreement with your loan servicer.

Furthermore, if reducing the interest rate on your mortgage loan is not enough to bring your monthly payment below 31% of your gross monthly income, then your loan servicer can use other options to reduce your monthly payments to that level. For instance, your loan servicer could forgive part of the principal balance of your loan, defer part of the balance, to be paid at a later date, and /or extend the repayment period on your loan for up to 40 years.

What is a pre-foreclosure sale?

Tue, 12 May 2009 17:44:16 GMT

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 these proceeds are less than the amount owed.

What is required of me to get a loan modification? Will it cost me anything?

Mon, 09 Mar 2009 01:43:12 GMT

Generally, you must contact your loan servicer about whether your mortgage loan is eligible for a loan modification under the Homeowner Affordability and Stability Plan. You should have your recent paystubs, income tax returns, and documentation of your debts available for your loan servicer to properly evaluate your loan for this program. Using the loan modification program will not cost anything; if there are any costs, such as appraisal fees, your loan servicer will add those costs onto the amount that you owe, and will waive any late fees that you owe.

What is the Homeowner Affordability and Stability Plan?

Fri, 06 Mar 2009 03:02:21 GMT

Congress recently passed the Homeowner Affordability and Stability Plan (“the Plan”), which provides various options for homeowners who are feeling the pressure of their monthly mortgage payments in the midst of job losses and rapidly falling home values. One of these options is a federally regulated loan modification program that gives certain incentives to mortgage loan servicers and homeowners for participation in the program; a loan modification changes the terms of the mortgage loan based on the Plan’s regulations so that a homeowner can better afford the payments and avoid the risk of foreclosure.

The Plan also contains a Home Affordable Refinance program, which allows certain homeowners to refinance their mortgage loans. Typically, loan servicers will not permit refinancing where a homeowner has less than 80% equity in his or her home, which has become more and more common as home values have declined in the current recession. Under the Refinance program, however, even homeowners who have less equity may be able to refinance into fixed rate mortgage loans that take advantage of the historically low interest rates.

Participation by mortgage loan servicers in each of these programs is voluntary, so if you are interested in either program, you’ll need to make sure that your loan servicer has signed a contract with the government in order to participate in the program. You can do this by checking the list of participating loan servicers online at www.financialstability.gov, or by contacting your loan servicer directly.

Whats the difference between loan modification and debt settlement?

Mon, 09 Mar 2009 01:58:43 GMT

Debt settlement typically involves working with a professional debt settlement company to negotiate with the creditors to whom you owe debts. Your creditor may, for example, accept a one-time payment of 20 – 75% of your total debt and forgive the remainder of your debt. Loan modification, however, simply changes the terms of your loan to make payments more affordable. It does not reduce the amount of money that you owe to the creditor.

Who is eligible for a loan modification under the Home Affordable Modification Program?

Tue, 12 May 2009 17:15:55 GMT

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 equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties - consult your servicer);

• Have a loan that was originated on or before January 1, 2009;

• Have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income; and

• Have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses.

If you answered YES to all of these questions, you may be eligible to apply for a Home Affordable Modification. Your servicer will be able to tell you if you qualify.

Contact an attorney for more information about your eligibility for various programs.

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?

Fri, 06 Mar 2009 03:24:37 GMT

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 participating in the loan modification program under the Plan, your loan servicer must evaluate your loan for loan modification eligibility. There is no distinction made in the eligibility requirements in terms of whether you are current in your payments, behind in your payments, or facing foreclosure. The only distinction based on the status of your payments in the Plan relates to mandatory consideration of your loan for a modification, and certain financial counseling requirements.

Will I be ineligible for a loan modification under the Homeowner Affordability and Stability Plan if I am current in my mortgage payments?

Fri, 06 Mar 2009 03:21:17 GMT

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 struggling to make those payments. For instance, if you have had a significant increase in your mortgage payment due to an adjustable interest rate, or if you have had a decrease in income, you may be eligible for a loan modification. If you meet the minimum eligibility requirements for a loan modification as outlined above, then your loan servicer is required to evaluate your loan in order to determine whether you are at risk of imminent default, which means that some circumstances in your life exist that make it very possible that you could default on your mortgage loan and/or lose your home to foreclosure. If your loan service considers your loan to be at risk of imminent default, then you are entitled to a loan modification, regardless of the fact that you are still current on your mortgage payments.

Will refinancing lower my payments?

Tue, 12 May 2009 17:02:53 GMT

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 your loan is modified or not. Under the Home Affordable Refinance program, creditworthy borrowers who have shown a commitment to paying their mortgage have the opportunity to refinance their mortgage so that the payments are affordable and sustainable for the life of the loan.

Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. However, borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see a reduction in their payment if they refinance to a fixed rate and payment. These borrowers, however, could save a great deal over the life of the loan by avoiding future mortgage payment increases.

When you submit a loan application, your lender will give you a "Good Faith Estimate" that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.

Will refinancing my mortgage under the Home Affordable Refinance Program, or other programs, reduce the amount that I owe on my loan?

Tue, 12 May 2009 17:06:57 GMT

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 Refinance is to help borrowers get into more affordable loans. Refinancing will not reduce the principal amount you owe to the first mortgage holder or any other debt you owe. However, refinancing should save you money by reducing the amount of interest that you pay over the life of the loan.

If you refinance your loan in connection with a loan modification, however, you may be able to obtain a principal reduction on your mortgage.

Will the Homeowner Affordability and Stability Plan save my home from foreclosure?

Fri, 06 Mar 2009 03:28:40 GMT

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 on a temporary basis, and the Plan encourages loan servicers to stop filing foreclosures on loans until they have been evaluated for loan modifications under the Plan. Therefore, it is possible for you to enter into a loan modification with your loan servicer, and thus avoid foreclosure. However, if you have not yet discussed your situation with your loan servicer, you should contact your loan servicer immediately to see if you qualify for a loan modification.

Free Avoid Foreclosure FAQs

Sun, 29 Nov 2009 02:26:50 GMT

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Sun, 29 Nov 2009 02:26:50 GMT

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Sun, 29 Nov 2009 02:26:50 GMT

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When and why does foreclosure begin?

When and why does foreclosure begin?

Am I eligible to refinance my mortgage loan under the Homeowner Affordability and Stability Plan if I am behind on my mortgage payments?

Are all mortgage loans eligible for refinancing or loan modification under the Homeowner Affordability and Stability Plan?

Can I refinance or modify the loan on my rental home or duplex?

Do I have to undergo debt counseling to participate in either the loan modification or refinancing programs under the Homeowner Affordability and Stability Plan?

Does a loan modification reduce the amount of money that I owe on my mortgage loan?

How do I apply to refinance my mortgage under the Home Affordable Refinance Program?

How do I know if I am eligible for refinancing my mortgage loan under the Homeowner Affordability and Stability Plan?

How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?

How do I know if my loan servicer is participating in the Homeowner Affordability and Stability Plan?

How do creditors get paid when foreclosing on a house to satisfy unpaid debts?

How long does it take to get a loan modification?

I have already filed for bankruptcy. Will the Homeowner Affordability and Stability Plan help me keep my home?

I have two mortgages on my home. Can I modify or refinance both mortgage loans under the Homeowner Affordability and Stability Plan?

I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?

I'm current on my mortgage. Will the Home Affordable Refinance help me?

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?

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?

My loan is scheduled for foreclosure. What should I do?

Should I have an attorney help me with a loan modification - or do it myself?

What are the basic eligibility requirements for a loan modification under the Homeowner Affordability and Stability Plan?

What are the eligibility requirements to refinance under the Making Home Affordable Plan?

What do I need to give to my loan servicer if I am requesting a loan modification?

What happens during Assumption of a mortgage?

What is Deed-In-Lieu of Foreclosure?

What is a Special Forbearance?

What is a loan modification, and how will it help me with my mortgage?

What is a pre-foreclosure sale?

What is required of me to get a loan modification? Will it cost me anything?

What is the Homeowner Affordability and Stability Plan?

Whats the difference between loan modification and debt settlement?

Who is eligible for a loan modification under the Home Affordable Modification Program?

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?

Will I be ineligible for a loan modification under the Homeowner Affordability and Stability Plan if I am current in my mortgage payments?

Will refinancing lower my payments?

Will refinancing my mortgage under the Home Affordable Refinance Program, or other programs, reduce the amount that I owe on my loan?

Will the Homeowner Affordability and Stability Plan save my home from foreclosure?

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Whats the difference between loan modification and debt settlement?