FHA just came out with a program to help borrowers who have recently experienced a rate reset that caused their mortgage to become delinquent. It's a 30 year fixed rate around 6% with no prepayment penalties and is available for loan amounts up to $362,000.00. To qualify you must meet all the following requirements:

• Have a non FHA loan that has reset
• A history of six months of on-time mortgage payments before the loan reset.
• Mortgage must be delinquent.
• Value must be supported.
• All home owners must be owner occupants.
• Borrowers must make sufficient income to make the mortgage payments.