Mortgage Counseling FAQs
Q: Why should I contact a housing counselor?
A: The prospects for positive resolution are greatly increased when working with a housing counselor. Our knowledgeable and experienced counselors work daily with mortgage companies and thoroughly understand the foreclosure process.
Q: Is Solid Ground a HUD-approved counseling agency?
A: Yes, we are approved by the U.S. Department of Housing and Urban Development (HUD) as a comprehensive housing counseling agency.
Q: If I meet with a counselor, will they take care of the paperwork?
A: No. While our housing counselors will do everything they can to help you find a favorable outcome, we have found that the most successful resolutions are achieved when the homeowner is involved in every step of the process. Our counselors will give you the tools and guidance to understand, complete and deliver the necessary paperwork.
Q: Do you refinance loans?
A: No, we are not lenders and we cannot refinance loans.
Q: Are you able to help me get a modification?
A: Our counselors will explain all the tools available to prevent foreclosure. We will put you in touch with the right department at your mortgage company to explore the options that may exist. No counseling agency can guarantee a loan modification. Your success rate will depend on your income and your specific loan. Your lender makes the ultimate decision on approving your modification.
Q: Do I need to be two or three months behind before I qualify for a loan modification?
A: No, you can apply for a loan modification even when you are current. As long as you have a financial hardship and limited resources putting you at risk of falling behind on your mortgage payment, you can apply for a loan modification under the Making Home Affordable program. You may need to provide verification of this hardship.
Q: Does my loan need to be owned by Fannie Mae or Freddy Mac to qualify for the Making Home Affordable program?
A: No. Only the refinance part of the Making Home Affordable program requires your loan to be owned by Fannie Mae or Freddie Mac. Many different loan types are eligible for modifications.
Q: How do I find out whether or not my loan is owned by Fannie Mae or Freddy Mac?
A: To determine if your loan is owned by Fannie Mae or Freddie Mac, go to Fannie Mae Loan Lookup or Freddie Mac Address Lookup.
Q: How long does it take before I know that my lender has approved my modification request?
A: The process can take upwards of 90 days to complete.
Q: What will happen if my home is in foreclosure by the time I contact my lender to apply for a mortgage?
A: While you are in the process of applying for a modification, the foreclosure process is halted until a decision is made by your lender to approve or not approve a modification.
Q: Where do I find more information about the Making Home Affordable program?
A: You can get more information at Making Home Affordable.gov.
Q: Are lenders obligated to provide me with the Home Affordable Modification Program (HAMP)?
A: No. HAMP is a voluntary program and lenders can choose not to participate.
Q: Can I qualify for a loan modification without a job?
A: No. You must have some sort of income other than unemployment benefits in order to qualify for a loan modification. There are some programs available specifically for unemployed borrowers, so contact your lender to see if you are eligible.
Q: I am having trouble paying my mortgage loan. What are some things I should not do?
A: Do not pay a large fee to a business or someone who…
Promises they can save your home and stop the foreclosure process – or advises you not to contact your lender, lawyer or a housing counselor.
Accepts payment only by cashier’s check or wire transfer.
Encourages you to temporarily sell them your home and promises to “resell” it to you at an affordable cost when your finances are in order. This is called a foreclosure rescue scam.
Q: Where can I find out more information about loan modification scams?
A: Go to the Loan Modification Scam Alert website.
Q: How long do counseling sessions typically last?
A: It varies. For some people, one 60-minute counseling session provides enough information. In other situations you might work with a counselor for weeks or even months.
Q: Do I need to make an appointment for mortgage default counseling?