Frequently Asked Questions

Home Solution Providers, LLC offers a range of services including housing stabilization services, mortgage loan modifications, access to business funding and hard money lending.

Home Solution Providers, LLC has been in business for almost 20 years.

A "foreclosure" is the forced sale of a property due to non-payment of a loan. If you default on a mortgage loan, the lender will use this legal process to sell your home to satisfy the debt you owe.

An eviction is a court-ordered process that removes a tenant from a rental property and returns possession to the landlord.

Refinancing your mortgage replaces your old mortgage with a new mortgage; one with a different principal amount and interest rate. The lender pays off the old mortgage with the new one and you are then left with just one mortgage; typically one with more favorable terms (lower interest rate) than your previous one.

Yes, you can be denied a loan modification on your mortgage. There are a number of reasons you may be denied, including an incomplete application, inability to afford a modified payment or insufficient demonstration of a hardship. Remember, you can appeal a denied loan modification by contacting your servicer within 14 days of the denial. The servicer then must respond in writing within 30 days. 

Yes, you can be denied a loan modification on your mortgage. There are a number of reasons you may be denied, including an incomplete application, inability to afford a modified payment or insufficient demonstration of a hardship. Remember, you can appeal a denied loan modification by contacting your servicer within 14 days of the denial. The servicer then must respond in writing within 30 days. 

 Not everyone qualifies for a loan modification. Generally, you need to:

• Be delinquent on your mortgage payments or in danger of defaulting.
• Demonstrate a financial hardship (e.g., job loss, illness).
• Send in all required application materials to your servicer.
• Complete a trial period to show you can afford a new monthly payment and pay on time.

Yes, you still have a mortgage to pay back — it has just been modified from the original version with different terms that make that loan more affordable. 

Yes, it may be possible to get a second loan modification if you are having difficulty making payments on your mortgage.

The loan modification process can take anywhere from 30 days to a year or longer. When you first contact your mortgage servicer to ask about a modification, ask how long the process usually lasts. You can do your part to avoid a slowdown by filling out the application correctly and thoroughly and including all requested documents. 

Your servicer will provide specific instructions on how to fill out a loan modification application. You will likely need to include information about your income, expenses, assets and liabilities. You will also have to include proof of hardship or a letter about your financial circumstances. 

While we review each submission on a case-by-case basis, approved applicants typically have a 640 FICO personal credit score, at least two years time-in-business, and make $20,000 - $30,000 in monthly revenue. 

Surplus Funds, often referred to simply as “surplus” or "excess funds" are the remaining funds generated from the sale of a foreclosed property when the auction price is higher than the total amount owed on the property. This surplus arises after satisfying all outstanding obligations, including the mortgage balance, taxes, liens, and any foreclosure-related expenses mandated by the court’s final judgment. For example, if a property with a foreclosure judgment of $200,000 sells at auction for $225,000, the surplus funds would be $25,000. 

 Typically, the former homeowner of record at the time of foreclosure and any subordinate lienholders, such as second mortgage holders or judgment creditors, are eligible to claim surplus funds.