Frequently Asked Questions
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When and why does foreclosure begin?
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 … more -
How do creditors get paid when foreclosing on a house to satisfy unpaid debts?
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 … more -
What is the Homeowner Affordability and Stability Plan?
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 … more -
What is a loan modification, and how will it help me with my mortgage?
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 … more -
How long does it take to get a loan modification?
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 … more
