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Coastal Funding Corporation

Myrtle Beach (843) 215-6200 - - Charleston (843) 790-4411 - - Pensacola (850) 725-6200 Your Home Loan Specialists ... Give Us A Call Today For A Free Home Mortgage Quote...
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I am worried about foreclosure. Where can I turn for advice? What will it cost?

An experienced housing counselor can help you review your personal financial situation and plan for the future. Contact the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673). This hotline is staffed by HUD-approved credit counselors who can guide you through your options. You also can search for a HUD-approved housing counselor in your area. There is no charge for these counseling services. You do not need to pay a private company for counseling.

I have an adjustable-rate mortgage (ARM) that’s about to reset. Can I refinance through Fannie Mae?

No. Fannie Mae does not offer loans directly to consumers. Contact your mortgage company to determine if you qualify for a refinance. If your loan is owned by Fannie Mae, ask your mortgage company if you are eligible for a Home Affordable Refinance. Find mortgage company contact information in your mortgage coupon book or monthly mortgage statement.

I'm not yet behind on my mortgage payments, but worry that I will be. What should I do?

You can discuss your situation with a housing counselor or your mortgage company. Talk with a counselor by calling the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673). Find contact information for your servicer in your mortgage coupon book or monthly mortgage statement.

If I'm delinquent with my mortgage payments, what options do I have?

Your mortgage company can help you understand the options available to you. Be sure to ask your mortgage company about all the financing options available to you. They may include:
  • Home Affordable Modification — in some cases, your mortgage company can change the terms of your mortgage loan to make the payment more affordable.
  • Forbearance — your mortgage company may let you pay a portion of your regular payment or no payment at all for a specific period. At the end of the forbearance period, you begin making regular payments as well as an additional amount to pay off the past-due amount.
  • Repayment Plan — you may be able to catch up on missed payments by creating a schedule for repaying the past-due amount.
  • HomeSaver Advance™ — if your missed payments are due to a temporary financial hardship, you may be eligible for an unsecured personal loan to help you get current with your payments.

I am facing foreclosure. What are my options to save my home?

The sooner you call your mortgage company, the more options you have to help you fix your situation.  Contact information is on your monthly mortgage statement or coupon book. If you are unable to reach your mortgage company or prefer speaking with a housing counselor, contact the Homeowners HOPE™ Hotline at 1-888-995-HOPE (4673).

My house has been foreclosed. Is there anything I can do to get it back?

If your home has already been foreclosed and transferred to Fannie Mae, you will have to pay Fannie Mae what was owed, plus any fees. Contact the eviction attorney or the listing agent as soon as possible to let them know you wish to repurchase your home. If you are unable to contact the eviction attorney or listing agent, call the Fannie Mae Resource Center at 1-800-7FANNIE (732-6643).

If my foreclosed home sells for less than what I owe, will Fannie Mae come after me for the balance?

Fannie Mae or your mortgage company decides on a case-by-case basis whether or not you will be required to pay the difference between what your foreclosed home sold for and what you owe on it.

Do I get any money back if my foreclosed home sells for more than what I owe?

No. Any gain would go to the seller of the property.

How long do I have before I have to vacate my foreclosed home?

If you live in the property, Fannie Mae will assign an eviction attorney to your case. The eviction attorney should be able to let you know when you need to vacate the property. If you do not know who the eviction attorney is, contact Fannie Mae's Resource Center at 1-800-7FANNIE (732-6643).

Is it best to walk away from my property if I can no longer make the payments?

Walking away from your property is not a good choice. Continue to live in your house as long as you are trying to get help from your mortgage company or through a housing counselor. If you abandon your property, you may not qualify for assistance and your credit will suffer.

How long will a foreclosure stay on my credit report?

Foreclosures are extremely damaging to your credit and may impact your credit rating for as long as seven years. A foreclosure can make it difficult to get a loan for a future home purchase, college expenses, or to get a major credit card. If you are able to get credit, your interest rates will likely be higher. For most people, it is well worth the time and effort to avoid foreclosure. Speak to your mortgage company or call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673).

Is my mortgage "lender" the same as my "servicer"?

Your mortgage lender is the financial institution that gave you your mortgage loan. Your mortgage servicer collects your mortgage payments and credits your account. The servicer may or may not be the same institution that gave you your loan. You can find servicer contact information on your monthly mortgage statement or coupon book. Most mortgage servicers are also lenders that can make new mortgage loans or refinance existing ones.


General

  1. What do I do if my lender/servicer is not responding to my inquiries?

  2. How do I know if the information I receive about potential loan modification is legitimate?

  3. Are lenders required to participate in the Making Home Affordable Program?

Home Affordable Refinance/Relief Refinance Mortgages

  1. Is the "Relief Refinance Mortgage" the same as a Home Affordable Refinance?

  2. Are all borrowers eligible for a Home Affordable Refinance?

  3. What if I'm not eligible for a Home Affordable Refinance?

  4. Will refinancing reduce the principal amount that I owe on my loan?

  5. Can I get cash out to pay other debts?

  6. Are there any fees associated with this program?

  7. Can Freddie Mac lower the interest rate on my Home Affordable Refinance?

  8. Am I eligible for a Home Affordable Refinance on my jumbo mortgage?

  9. Can I pursue a Home Affordable Refinance with any lender?

  10. Can Freddie Mac refinance my mortgage?

  11. I received a letter from my servicer suggesting that I pursue a mortgage modification, but I would rather refinance. Can I?

Home Affordable Modification

  1. What if I'm not eligible for a Home Affordable Modification?

  2. My loan is scheduled to go into foreclosure soon. What should I do?

  3. Why have I not received the same information about obtaining a Home Affordable Modification like many of my neighbors/coworkers/friends have?

  4. Why am I getting repeat requests for personal information and documentation from my servicer?

  5. Can my second mortgage/home equity loan be modified under the Home Affordable Modification program?

  6. I am worried that I will face foreclosure before my mortgage modification eligibility is determined. What should I do?

  7. If you are one of the many homeowners facing tough choices in today’s economy, we understand. We know that looking for assistance with your mortgage and deciding where to go for help can be confusing and frustrating. And we’re here to help.

    Whether your financial hardship or current situation is temporary or more permanent, options are available. Even if you have decided you want relief from the responsibility and the burden of your mortgage payments, now’s the time to take action before it’s too late.

    To help, Fannie Mae has created an Options You Need brochure (PDF) — so homeowners can understand their options. Review this brochure or the information below to learn more about how you can avoid foreclosure and so you can have a more informed discussion with your mortgage company about your options.



Know Your Options

There are many options for homeowners who are struggling with their mortgage payments. Here’s an overview of some options that may be available to you: 

Refinance

A new loan — with new terms, interest rates and monthly payments — that completely replaces your current mortgage. Even if your home value has decreased, you may be able to refinance your loan as part of the government’s Home Affordable Refinance Program (HARP). Refinance benefits:

  • Make your payment more affordable by lowering your interest rate or adjusting the terms of your loan
  • No negative impact to credit score
  • Stay in your home and avoid foreclosure 

Repayment Plan

An agreement between you and your mortgage company that lets you pay the past due amount on your mortgage payments over a specified time period in order to bring your mortgage up to date. Repayment plan benefits:

  • Catch up on your past due payments over an extended period of time
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

Forbearance

An offer by your mortgage company to temporarily suspend or reduce your monthly mortgage payments for a specified period of time. Forbearance benefits:

  • Have time to improve your financial situation and get back on your feet
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure 

Modification

An agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, etc. You may be eligible for the government’s Home Affordable Modification Program (HAMP) created to help struggling homeowners. Modification benefits:

  • May reduce your monthly mortgage payments to a more affordable amount
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure 

Short Sale

A short sale is the sale of a home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off your mortgage balance with the proceeds. Short sale benefits:

  • Eliminate or reduce your mortgage debt
  • Assistance for relocation may be available 
  • May be able to recover your credit score—and get another mortgage—faster than if you went through foreclosure

Deed-for-Lease™

A new program that allows you to temporarily lease your home. You first transfer the ownership of your home to the mortgage company (called a Deed-in-Lieu of Foreclosure, see below) in exchange for release from your mortgage loan and payments. You can then rent the property back—at an affordable rate—and remain in the home as a tenant. Deed-for-Lease benefits:

  • Stay in your home and neighborhood—no need to move or relocate
  • May be able to recover your credit score faster than if you went through foreclosure
  • Assistance for relocation may be available at the end of your lease
  • Avoid foreclosure

Deed-in-Lieu of Foreclosure

With a Deed-in-Lieu of Foreclosure (DIL), transfer the ownership of your property to your mortgage company in exchange for a release from your mortgage loan and payments. DIL benefits:

  • Eliminate or reduce your mortgage debt
  • May be eligible for relocation assistance 
  • May be able to recover your credit score—and get another mortgage—faster than if you went through foreclosure