Hope for Homeowners & FHASecure Help Homeowners Refinance Risky Loans
Hope for Homeowners is a new program, created by congress, to assist homeowners in refinancing their “at risk” loans into more affordable FHA, insured mortgages.
It is estimated that over 400,000 homeowners could avoid foreclosure through participation in the voluntary program, by enrolling before September 30, 2011.
In order to qualify for the special refinancing, the original loan must have been originated on or before January 1, 2008. In addition, the existing mortgage payment must exceed 31 percent of the borrower’s gross monthly income.
FHASecure is another program designed to help homeowners refinance and avoid foreclosure. The program, which went into effect on July 14th, offers borrowers with ARM’s, the option to refinance with an FHA insured mortgage designed to lower the monthly mortgage payment. Under the FHASecure program, lenders can not disqualify borrowers based on loan payment deliquency and the lender may actually offer a second mortgage to make up the difference between the appraised value of the property and the outstanding balance due.
Thank you for visiting InfoTube.net. You can anonymously leave a comment or question by clicking the Comment link below this article.