The goal of the foreclosure rescue law is to help avoid foreclosures that would otherwise occur, or to save homes where foreclosures
are likely to occur, or to help borrowers obtain affordable, affordable loan modifications.
What is the deadline to file for this program?
The deadline for the foreclosure rescue law for individuals was February 1, 2009. The deadline for the program for families was March 31, 2009.
There is no deadline to request the foreclosure rescue program for individuals and families that have already been assessed for foreclosure.
The deadline to request the foreclosure rescue program for individuals and families that have had their mortgage payments adjusted by their lender has been extended until April 5, 2009.
Can I request the foreclosure rescue program even if my loan servicer would not be authorized by the federal Department of Housing and Urban Development (HUD) to adjust my mortgage?
Yes, you may request the foreclosure rescue law for individuals and families if your lender is not allowed to do an interest rate adjustment under the Home Affordable Mortgage Program (HAMP), or if your lender has not made a Home Affordable Modification Program (HAMP) or Loan Modification Agreement (LMA) offer.
But, you should check with your lender to see if they have offered this program to you. If you have been contacted about this program, you should contact the lender to confirm that you can appeal the program.
Can the foreclosure rescue law be used in conjunction with the Home Affordable Modification Program (HAMP)?
Yes, you can use the foreclosure rescue law in conjunction with the Home Affordable Modification Program (HAMP). You should call HAMP to see if you may qualify for it.
What if I’m not aware that my loan is being serviced by a lender?
Do not worry. If you are unaware that your loan is being serviced by a lender, then you cannot use the foreclosure rescue law. However, you can still ask to have your loan serviced by the Lender Servicing Company, or LSC. LSC’s have agreed to serve
as a broker for HAMP and to modify your loan.
This means that your LSC will work with your lender to find a solution to your mortgage problem, and you may qualify for the foreclosure rescue law. This is also known as an offer-in-compromise.
If you receive a communication about your mortgage, from a lender, you should contact your LSC. Your LSC will be able to explain the programs that are available to you and help you determine if you qualify.
What if I am still unaware that my loan is being serviced by a lender?
If you are still unaware that your mortgage is being serviced by a lender, then you cannot use the foreclosure rescue law. However, you can still request that your LSC service your mortgage. Your LSC can explain the programs that are available
to you, and help you determine if you qualify.
If you are still not aware that your loan is being serviced by a lender, you may qualify for the FHA Streamline Modification Program. The FHA Streamline program is available
through our office. Please call your loan servicer to get more information.
What if I receive a communication about my loan, from a lender, but I do not know that my mortgage is being serviced by a lender?
If you receive a communication about your mortgage from a lender, but you do not know that your loan is being serviced by a lender, you can request that your LSC service your mortgage. However, your LSC can only do this if you have been delinquent for 90 days. Your LSC will tell you if you can qualify for the program, or if you can call back after another 90 days.
If you have been delinquent for 90 days or more, you may be able to get relief through our Mortgage Forgiveness Debt Relief program. You can get more information by calling your LSC.
Can I get relief through the foreclosure rescue law, even though I still owe money on my mortgage?
Yes. Although you still have a mortgage, you may qualify for our Foreclosure Rescue Program. This is because we consider the fact that you still owe money on your mortgage. We may work with you to negotiate the loan into a loan that you can afford and you do not have to make payments on.
When we reach an agreement, we send your creditor a certified letter to inform them that you want to have their mortgage reviewed, or modified. If your loan is not modified, you are removed from the foreclosure rescue program.
Can my creditor tell you about foreclosure rescue?
Yes. As long as you send a certified letter informing the creditor about your intention to have the foreclosure rescue reviewed, the creditor cannot take any action. However, the creditor will have you sign a form stating that you understand that you may not qualify for any programs through the foreclosure rescue program, but that if you are removed from the program your creditor is not allowed to come after you for any money.
Can I qualify for a different program through foreclosure rescue?
Yes. If you are removed from the program, you can have your creditor renegotiate a loan that you can afford. You do not have to pay anything on the new loan. You do not have to pay anything towards the old loan. You may be required to pay the interest and/or fees associated with the new loan.
Can I qualify if I do not have a loan?
Yes. We accept borrowers who do not have a loan on their house. This can be a difficult situation to help borrowers with. We will work with you to determine what you can afford,
and if the loan will be in your best interest.
Can I continue to make payments on my current loan through foreclosure rescue?
Yes. You may make payments on your loan until we reach an agreement. We will then send a letter notifying your creditor that you are no longer part of the foreclosure rescue program. We will remove you from the program and the amount owed on your home may be modified into a payment that you can afford.
Is it possible to get a loan without a cosigner?
Yes. If you qualify for a loan, we will work with you to find a cosigner to help you. It is important that you have someone who will remain on the loan as long as possible.
For more details about IRS debt help, call (888)489-4889 for a free consultation today to discuss your own case.