Phone: (407) 497-2690

The Orlando Foreclosure Attorney

133 W Robinson St

Orlando, Florida 32801

Foreclosure Attorney C.W. Franklin

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Stop Your Home From Foreclosure
(If you have not been served yet)

There is a delicate time when you stop making your mortgage payments but the lender has not yet filed a lawsuit against you. This time should be used to work out a plan with your lender if you are planning on keeping your home.

HARP aka the Home Affordable Refinance Program is meant to help homeowners refinance their homes when they are having trouble financing them. HARP is only for loans that are backed by Freddie Mac or Fannie Mae. You may be able to refinance through HARP even if the current market value of your home has dropped. Refinancing may help by switching your interest rate from a variable to a fixed rate, drop your interest rate, or even reduce your monthly payments.


To qualify for HARP assistance:


  1. Your home is either your primary place you live, a single unit second property, or a 1 - 4 unit investment home.
  2. You must not have missed any payments within the previous 6 months and are still in good standing with your mortgage. You are permitted to have made a late payment only once in the previous year.
  3. The property value must be 80% or above what you took your loan out for. So if you got a $100,000 property loan, the current market value of the property must be worth $80,000 or more.
  4. You have not refinanced with HARP before.
  5. Your loan was bought by Freddie Mac or Fannie Mac prior to May 31, 2009.
  6. The mortgage loan must be owned or backed by either Fannie Mae or Freddie Mac. To find out if your home loan is backed or owned by either of them see below.

For Fannie Mae loan look up visit: https://www.knowyouroptions.com/loanlookup

For Freddie Mac loan look up: https://ww3.freddiemac.com/loanlookup/


For more information and to see if you qualify for HARP visit: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx

If you have any equity in the home and you have good credit, you may be able to refinance the home with the same or another lender. This is where you take out a new loan that pays off the old loan that you were falling behind on. You may be able to get a lower interest rate with a lower monthly payment by doing so. To start this process, just apply for the loan through your current lender or any other one that you want. This option is usually only available if you have equity in the home.

You don't have to qualify for any government programs to get a permanent loan modification. The best time to attempt to get a loan mod is before you ever miss a payment. Gather your documentation about your finances and contact the lender's loan mediation center. You should be assigned to one person who will work with you so you don't have to keep explaining your situation over and over. If you still have difficulty with this you can locate a HUD approved councilor that may be able to help. (This should be a free service) Visit http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm to find a HUD approved councilor near you. A HUD councilor should be able to answer any questions you may have and even help you negotiate with your lender.


IF you qualify for the Home Affordable Modification Program (HAMP) you may be able to permanently reduce your monthly payments to only 31% of your gross income. This is perfect for someone who has lost their job but found another that pays less.


To qualify for HAMP:

  1. The mortgage must have been created prior to January 1, 2009.
  2. You must owe less than $729,750 on the mortgage.
  3. The home has not been condemned.
  4. You are experiencing financial hardship that has affected your ability to make mortgage payments (job loss, medical issue, etc.)
  5. The home your mortgage is with is your primary residence OR 1 - 4 unit rental property and you may soon default.
  6. You must be able to display that you are able to pay the mortgage after is it modified. Proof can be shown with bank deposits, tax returns, or pay stubs.
  7. You have not been convicted of a felony involving a mortgage transaction within the past 10 years. This includes tax evasion, fraud, theft, or money laundering.

For instruction on applying for HAMP visit: http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx


This is where your lender or loan servicer agrees ahead of time to let you make partial payments or miss payments for a certain period of time. This is ideal if you have taken a temporary financial hit but know you will be recovering soon. The lender will require you to make back payments when your normal payments resume.

When you miss a payment or two without notifying the lender they can usually set you up with a payment plan to get your loan back on track. You will make the payments you missed by having them spread out over a certain period of time. You will have to pay the insurance, taxes, and interest that was missed during the none payment period.


Created by Attorney Michael Stites & contributing editor Jared Speck

Attorney Home  >  Foreclosure Research  >  Get Out of Foreclosure  >

Refinance Without Government Help

Use HARP to Refinance Home Loan

Get a Loan Modification without Government Help

Get a Loan Modification with HAMP

Loan Forbearance (Temporary Fix)

Repayment plan (Temporary Fix)

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