Do you have an FHA mortgage? Are you having trouble making your payments? Well, the FHA has some good news for you. Last week the Federal Housing Administration announced that it is now going to be working with homeowners (borrowers) before they become delinquent on their mortgages. If a borrower can prove a financial hardship (or a change in circumstances) even if he or she is not delinquent on the mortgage, the FHA will be wiling to help.
According to FHA Commissioner David Stevens, "The FHA has always required lenders to establish early contact with delinquent borrowers to discuss the reason for missing a payment and to evaluate reinstatement options. . . Now servicers will have additional options for those borrowers who seek help before they go delinquent, which increases the likelihood that the borrower will be able to retain their home."
The programs that will be available to borrowers in financial distress may available include forbearance (postponement or reduction of payments for a period of time) or permanent payment reductions (through reduction of the interest rate or forgiveness of principal).
Not sure whether you have an FHA mortgage? Curious about your options? Contact one of the qualified Realtors® at Broadpoint Properties.
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