What does foreclosure prevention mean?
Preventing avoidable foreclosures helps keep families in their homes, preserves communities, and prevents avoidable loss. The “Making Home Affordable” plan provides responsible homeowners with support to obtain affordable refinancing or loan modifications to help them stay in their homes.
What is the best way to prevent foreclosure?
What You Can Do to Avoid a Foreclosure
- Gather your loan documents and set up a case file.
- Learn about your legal rights.
- Organize your financial information.
- Review your budget.
- Know your options.
- Call your servicer.
- Contact a HUD-approved housing counselor.
What can a lender do to help a borrower avoid foreclosure?
If you want to keep your home, you might qualify for a loan modification, forbearance, or repayment agreement. Or, if you’d like to exit the property without going through a foreclosure, you might be able to complete a short sale or deed in lieu of foreclosure.
Which program might help a distressed homeowner avoid foreclosure?
Federal Housing Administration (FHA) Loss Mitigation Efforts.
What CA law protects homeowners in foreclosure situations?
The California Homeowner Bill of Rights is a set of laws that provide protections to homeowners who are facing foreclosure. Within 5 days of recording a notice of default, your servicer must generally give you information about options to avoid foreclosure that may be available. …
What is dual tracking?
“Dual tracking” occurs when a mortgage servicer continues to foreclose on a borrower’s home while simultaneously considering the borrower’s application for a loan modification or other foreclosure avoidance option.
What is Hbor?
What is the Homeowner Bill of Rights (HBOR)? Answer: HBOR is a series of California laws that became effective January 1, 2013. This landmark legislation was created to combat the foreclosure crisis and hold banks accountable for exacerbating it by not working with homeowners to create sustainable loan modifications.
Is SPS servicing federally backed?
SPS, a subsidiary of Credit Suisse CS, +1.46% CSGN, +1.00% , didn’t respond to requests for comment. Moroni and Knapp’s loan is one of the roughly 14.5 million single-family mortgages — about 30% of the total outstanding — that are privately owned and have no federal backing.
How long after a foreclosure can you refinance?
Fannie Mae and Freddie Mac The minimum, mandatory “seasoning period”— the amount of time following a foreclosure/short sale that you must wait before applying for a loan — is generally two years.