Frequently Asked Questions
When a home is at stake, facing foreclosure is one of the worst situations someone might be faced with in their lives. Fear, worry, sleepless nights. Believe me, we’ve all been there in different ways.
If you or someone you know is in foreclosure, you are not alone. Today, millions of Americans are worried about paying their bills and keeping their homes, if possible.
It is understandable to have lots of questions. The reality is millions of Americans have more questions than there are answers. We hope the following information will help you.
If questions are missing, feel free to contact us. We updated these on a regular basis and there are always questions that come up that we haven’t included here.
POPULAR
What is a Mortgage?
What is a default or mortgage default?
What is a mortgage modification?
What is a short sale?
What is an arms length transaction?
What is considered financial hardship?
Tips for a great short sale hardship letter
What is a sample short sale hardship letter?
What is a short sale package?
LOANS, REFIS, MODIFICATIONS
What is a Note or Promissory Note?
What is a Mortgage?
What is a default or mortgage default?
What is a mortgage modification?
Why would a lender modify a mortgage?
How do I qualify for a mortgage modification?
What does Equity or Owner’s Equity mean?
SHORT SALE
What is a short sale?
What is an arms length transaction?
Short sale vs foreclosure? What is the difference?
What does short sale mean?
Do I qualify for a short sale?
What is considered financial hardship?
What is a short sale hardship letter?
What is a sample short sale hardship letter?
What is a short sale package?
What is a Brokers Price Opinion or BPO?
What is an appraisal?
What is a Comparative Market Analysis or CMA?
Can I negotiate my own short sale?
Can the bank still come after me after a short sale?
Why do so many short sales fail?
How will a short sale help?
What are the drawbacks to a short sale?
Can you still do a short sale if you have more than one loan?
What is a short sale lender?
What is a short sale buyer?
What is a bank short sale?
What does loss mitigation mean?
Interested in buying short sales?
Purchasing a short sale: how it works
How to do short sales?
How to short sale your home?
Is there such a thing as short sale foreclosures?
How to negotiate a Bank of America short sale?
How to negotiate a Citimortgage short sale?
How to negotiate a Chase short sale?
GOVERNMENT PROGRAMS
What is the Making Home Affordable Program?
What is Home Affordable Modification Program?
What is the Second Lien Modification Program (2MP)?
What is the Homeowners Affordability and Stability Plan (HASP)?
If I qualify for the Home Affordable Modification, how do I get a loan modification done through my lender?
What is Home Affordable Foreclosure Alternative (HAFA)?
What is a HAFA short sale?
What are the timelines associated with HAFA?
What is Home Affordable Refinance Program?
How do I get a HARP refinance?
Are there any programs to reduce payments for the unemployed?
What is the Home Affordable Unemployment Program (UP)?
What is the Housing Financial Agency Innovation Fund for the Hardest Hit Housing Markets (HHF)?
FORECLOSURE PROFESSIONALS
What is a Certified Distressed Property Expert (CDPE)?
How can I find a short sale real estate specialist?
How do I find a short sale listing agent?
How to qualify a realtor Houston TX who specializes in short sales?
How to interview and hire a Houston TX realtor who can get my short sale approved?
I need to short sale house. How can I find a realty Houston TX firm to help me?
How to find a reputable realty Houston TX to short sale home?
What is a BPO agent?
Is there a directory for fl realty professionals who short sale?
DEFICIENCY JUDGMENTS
What is a deficiency judgment?
How are deficiency judgments collected?
How do deficiency judgments work in Texas?
What is the statute of limitations in Texas for deficiency judgments?
How can you avoid a deficiency judgment in Texas?
What is a “waiver of deficiency” and how can this benefit me?
What happens after lenders get a judgment?
Are wages exempt from garnishment?
Are homestead properties exempt from deficiency judgment Texas?
Does PMI help you cover the deficiency?
TAXES ON FORGIVEN DEBT
Will I be taxed on forgiven debt?
What is Cancellation of Debt?
What is the Mortgage Forgiveness Debt Relief Act of 2007?
As an investor, how can I avoid paying taxes on forgiven debt?
TYPES OF FORECLOSURE
What is Foreclosure?
What is a Pre-Foreclosure?
What is a court-ordered auction?
What is a Judicial foreclosure?
What is a Non judicial foreclosure?
Foreclosure vs short sale? What is the difference?
What is a bank foreclosure?
Is there such as thing as a short sale foreclosures?
What does REO or Real Estate Owned mean?
DEED IN LIEU OF FORECLOSURE
What is a Deed in lieu of foreclosure?
What are the advantages to a deed in lieu of foreclosure?
What are the disadvantages to a deed in lieu of foreclosure?
I signed the Deed In Lieu of Foreclosure. What will take place next?
I’m behind on my mortgage. Can I do a deed in lieu of foreclosure before my house goes into foreclosure?
I went through with the deed in lieu of foreclosure. Am I still liable for the outstanding debt on the mortgage?
Why don’t more homeowners in foreclosure execute a Deed In Lieu of Foreclosure?
FORECLOSURE AVOIDANCE
How can I avoid foreclosure?
What are my options if my house is upside down, and I can’t afford the payments?
I’m faced with foreclosure. What are my options?
How can Bankruptcy help me avoid foreclosure?
What is a strategic defaulter?
What is Fannie Mae (FNMA) doing to pursue strategic defaulters?
CREDIT DAMAGE
What damage does a foreclosure do to my credit rating?
How is my credit affected by a Deed In Lieu of Foreclosure?
TEXAS FORECLOSURE PROCESS
How are Texas mortgages foreclosed?
How long does it take to foreclose a property in Texas?
What is the Texas Foreclosure Timeline?
How do I know if my foreclosure sale date has been scheduled? Notice of Sale / Auction
What happens at the foreclosure auction?
What is a Notice of default or NOD?
What is a Lis Pendens?
What does “Service” mean?
What is a Motion for summary judgment?
What is the Right of redemption?
What is a Certificate of sale?
What does “transfer of title” mean?
What is a Certificate of title?
What is a Sheriff’s sale or Foreclosure sale?
What is eviction?
BANKRUPTCY
What is Bankruptcy?
What is a Chapter 7 bankruptcy?
What is Chapter 13 bankruptcy?
What is an automatic stay?
CHECK ON MY TEXAS FORECLOSURE STATUS
How can I look up my foreclosure sale date in Harris County?
How can I look up my lis pendens filing in Harris County?
How do I know if my property has been sold at foreclosure auction in Harris County?
My house has sold at foreclosure auction, how long before I am evicted?
How long does the eviction process take in Harris County?
My auction date has been set, how can I stop my foreclosure in Harris County?
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