Not necessarily. If you already have title to the house, the CFPB’s rules don’t require the lender or servicer to determine your ability to repay before it lets you take over the mortgage loan. Here are some common ways to ...
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Foreclosure processes differ by state. They are generally done in two ways. If done by filing a lawsuit, it is called "judicial foreclosure." In some states, the lender can foreclose without going to court, and that is called "non-judicial ...
What is a mortgage loan modification?
A mortgage loan modification is a change in your loan terms. The modification is a type of loss mitigation. Carefully consider what kind of modification best addresses your needs. If you receive a loan modification and you still can’t make ...
If you are in default, and the servicer has notified you that the entire balance is due (in other words, the loan has been “accelerated”), your lender generally can require you to pay the full past due amount to make ...
I've heard about something called the HOPE(TM) Hotline. What's that?
The HOPE™ Hotline offers personalized advice from housing counseling agencies approved by the U.S. Department of Housing and Urban Development (HUD). You can access this national hotline by calling (888) 995-HOPE (4673) 24 hours a day, 7 days a week. ...
What is a HUD-approved housing counseling agency, and how can they help me?
A housing counselor though a HUD-approved agency is specially trained and certified by the government to help you assess your financial situation, evaluate options if you are having trouble paying your mortgage loan, and make a plan to get you ...