Foreclosure Prevention
Frequently Asked Questions
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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 (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.
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