The flex modification program is a loan modification offered by Fannie Mae and Freddie Mac. It was created to replace the Home Affordable Modification Program (HAMP) and help borrowers avoid foreclosure by making their monthly payments more affordable. In this article, we’ll discuss what a flex modification is, who is eligible for a flex modification…
Even if you’ve received a denied loan modification, the decision may not be final. In many cases, homeowners can submit a loan modification appeal to have their application reviewed and reconsidered for approval. In this article, we’ll talk through what happens if your loan modification is denied, and how to appeal a loan modification denial…
If you’re facing foreclosure and also have a second mortgage or HELOC, the pressure can feel overwhelming. It’s normal to start looking for ways to find help, and bankruptcy often comes up as an option to eliminate debt. However, whether bankruptcy can actually eliminate a second mortgage depends on the type of bankruptcy you file…
If you’re behind on your mortgage, you may be wondering if Chapter 13 bankruptcy can save your home. Chapter 13 can temporarily stop foreclosure and, in some cases, allow you to strip a second mortgage lien. However, bankruptcy comes with serious downsides, and it’s not always the best option for homeowners who want to protect…
Most of the time, homeowners have the best chance to stop foreclosure before the sheriff’s sale happens. But if your home has already been sold, it’s not always too late. You still have a chance to get your house back through what’s called the foreclosure right of redemption. In this article, we’ll explain how New…
Even if you’re keeping up with payments on your first mortgage, falling behind on a home equity loan or home equity line of credit (HELOC) can still put your home at risk. Many homeowners don’t realize that defaulting on a HELOC can lead to foreclosure, even if their primary mortgage is paid. Because your property…
If you’ve fallen behind on your mortgage payments, you may have already reached out to your lender for a loan modification, forbearance, or repayment plan to help you prevent foreclosure. While your request is under review, lenders are legally required to stop the foreclosure process. Moving forward with foreclosure while reviewing loan modifications or other…
Lenders make mistakes or violate the law more often than you realize, which can hurt you financially and even lead to bankruptcy or foreclosure. In this article, we’ll break down the common reasons to sue a mortgage company, so you know what to look out for. If you believe your mortgage lender has participated in…
Serving in the U.S. military is an important and often dangerous job. To recognize that sacrifice, servicemembers and their families are entitled to important legal and financial protections, especially during active duty. In 2003, the Servicemembers Civil Relief Act (SCRA) was passed to update and expand protections for servicemembers. The protections under SCRA focus on…
Loan modifications can be a great option to avoid foreclosure if you are struggling to make your payments. Even if you qualify for a loan modification and your application is approved, the loan modification process isn’t over yet. Before your loan modification can be officially applied to your mortgage, you must complete a trial payment…