What is a loan modification?

A loan modification is when a lender agrees to modify the terms of a mortgage without refinancing the loan.

Where can I get loan modification help?

Loan modification help can be found quickly online. There are literally hundreds of companies offering free loan modification help counseling services. These foreclosure counselors will review your financial situation and propose various options available to you.

How do I avoid foreclosure?

To avoid foreclosure, we suggest you seek the guidance of experienced foreclosure prevention counselors. These counselors will analyze your situation and provide options, including loan modifications and loan renegotiations.

What is foreclosure mitigation?

Foreclosure mitigation involves either loan modification or a loan renegotiation.

Where can I get free foreclosure assistance?

There are many government and private companies offering foreclosure assistance counseling. At any of the major search engines, simply do a search for “free foreclosure assistance”, “foreclosure assistance”, “foreclosure assistance counseling”, etc.

Can I get foreclosure help if I live in California?

Yes, foreclosure assistance is provided nationwide and is based on financial situation, amount owed, mortgage terms, etc. There are several government and private companies that specialize in assisting homeowners in California.

What is a foreclosure loan?

A foreclosure loan or a rescue loan is a loan that essentially allows homeowners to refinance a loan that they are close to defaulting on. These foreclosure loans generally have certain requirements, including homeowner counseling, restricted to low or moderately priced homes, for people of modest means, and require the homeowner to share any future financial gain on the sale of the home.

What is foreclosure avoidance counseling?

Foreclosure avoidance counseling is provided for free by both nonprofit housing agencies, as well as many private companies. These avoidance counselors will suggest various foreclosure options available to you.

How can I prevent foreclosure?

If you are facing foreclosure, here are some tips to help you: contact your lender and see if they are willing to work with you, know your mortgage rights, know the various foreclosure prevention options available to you, prioritize your spending, seek out the services of specialized foreclosure counselors.

How can I save my house from foreclosure?

If you want to save your home from foreclosure, you should seek out the services of a foreclosure prevention expert. These experts will provide a free review of your situation and provide you with various foreclosure avoidance options.

What does foreclosure involve?

Foreclosure is a legal process in which the mortgage property is sold to pay off the loan of the defaulting borrower.

How do I stop my house from bank foreclosure?

The first step in avoiding foreclosure is to seek out the services of professional foreclosure counselors. These counselors will review your situation and suggest the best way to go about getting a loan modification or doing a loan renegotiation.

Are there specialized foreclosure companies in New York and Texas?

Yes, there are both nationwide companies that cover both New York and Texas, as well as local companies that focus on those particular states. Which kind of company you seek really depends on your preference. Always make sure to compare several companies before deciding on which service to choose.

What is loss mitigation?

Loss mitigation is a process in which the lender tries to help a borrower who has been unable to make loan payments and is close to defaulting on his or her loan. The lender would rather renegotiate the loan then have the borrower default.

What is a pre-foreclosure sale?

A pre-foreclosure sale is a foreclosure avoidance procedure in which the borrower is allowed to sell a property for an amount less than what is owed. This pre-foreclosure sale satisfies the borrower’s debt in full.

What does the Federal Housing Administration (FHA) do?

The FHA was established to help advance homeownership opportunities for all Americans. The Federal Housing Administration assists homebuyers by providing mortgage insurance to lenders, which encourages lenders to make loans to borrowers who might not otherwise qualify.

What is an adjustable rate mortgage (ARM)?

An adjustable rate mortgage is a mortgage loan that is subject to changes in interest rates. When interest rates change, ARM monthly payments increase or decrease at intervals agreed upon in the loan.

What is an assumable mortgage?

An assumable mortgage is a mortgage that can be transferred to a new buyer. An assumable mortgage can help sellers attract buyers. Lenders still generally require a credit review of the new borrower and may charge a fee.

What is a cash-out refinance?

A cash-out refinance is when a borrower refinances a mortgage at a higher principal amount to get additional money. This normally occurs when the property has appreciated in value.

What does clear title mean?

A property with a clear title means the property has no defects. Clear title properties are marketable for sale.

What is a conforming loan?

A conforming loan is a mortgage loan that does not exceed Freddie Mac’s and Fannie Mae’s loan limits. Conforming loans in general will have lower rates than non-conforming loans.