Vermont Mortgages - A lifeline for people needing help from FHA

So now, some good news from FHA!  Some people with Vermont Mortgages may be happy to hear that if they have gotten their Vermont Mortgages from FHA, and they are in trouble of defaulting, they will now be able to modify their loan directly through the HAMP Program (Home Affordable Modification Program, offered by FHA).

Of course, this news is limited only to those people who are currently IN an FHA Mortgage (others with Vermont Mortgages, sorry the rules are not drawn wider to include you all), but it does definitely go furthur than the previous steps taken by the FHA to shore up the amount of defaulting borrowers.  More information can be found at http://money.cnn.com/2010/01/22/real_estate/easier_FHA_help/index.htm, a good article on CNN posted regarding this update.  It does seem to go more in line with the majority of people's common sense approach, that actually going into default is NOT the time to allow the modification.  If you are struggling on making payments to your FHA loan, and you have a good reason why you will be maintaining a lesser level of income for the forseeable future, then FHA will now allow you to modify your loan into a more affordable payment.  But I think this still does not go far enough, honestly.  I think it shuld be easier for people undergoing hardship to modify.

Once again, not all Vermont Mortgages are affected by this announcement.  The only Vermont Mortgages that are affected are those Vermont Mortgages that are held by FHA.

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Alex Pastewski, VP of Mortgage Lending, 802.399.7124, or alexpastewski@hotmail.com

Call anytime, I'm here to help educate you on the biggest investment of your life, your home!!!!

 
This post has been included in Vermont Real Estate News
Post is included in group: Vermont Real Estate Update

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Alexander B. Pastewski, JD

Burlington, VT

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Address: 298 Mountain View Dr., Colchester, VT, 05446

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A quick hit blog by a leading mortgage expert relating to all things related to Vermont Mortgages. If you are in Vermont and want some info, you've found your home!


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