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New Program Helps Prevent Foreclosures

By
Real Estate Agent with MyRealtyTeam Real Estate, LLC

In some markets, foreclosures are big news, with dramatic increases in delinquent loan payments.

A new FHA program, initiated on August 31, 2007, is designed to help homeowners avoid foreclosure by refinancing their subprime loans with HUD's new mortgage -- called FHASecure. 

HUD's boss, Alphonso Jackson, announced that 33,000 at-risk borrowers have already refinanced, with another 20,000 in line for approval this month.  HUD envisions insuring about 240,000 of these FHASecure home loans during fiscal year 2008.  To date, FHA has received more than 113,000 refinance applications for this program.

There's also a move afoot in Congress to pass legislation to alter the FHA loan program to permit higher loan limits, reaching borrowers who could not otherwise receive government-backed home financing.  HUD is estimating that the pending legislation could assist as many as 200,000 buyers and homeowners.

 

 

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Kim Sellers
Lake Arrowhead, CA Coldwell Banker - Lake Arrowhead, CA
Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow
Thanks for sharing this.  I unfortunately have a few clients that are  in really bad positions and directing them to maybe some help is a great thing.
Feb 27, 2008 01:01 AM
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Ibi:

I am patiently waiting to see what the new FHA limts might be. Here in California we would love to see the limits increase.

Feb 27, 2008 01:04 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.
The problem as i have heard with the above program is....that you  need to show you  are current but may become delinquent in the future when your loan resets it's interest.  That doesn't help the many of those that have had their mortgages reset already and are now behind.  Not quite FAIR for some of those.  Until the banking indestry and the U. S. Gov. realize it's in the best interest of themselves and the County to help the homeowners that are behind, but not in foreclosure ( and even some in foreclosure ) this problem we have nation wide will not come to a halt very soon, and there will be alot more investors losong a lot more money. Loss of money means lower income, which means less income taxes..ECT....
Feb 27, 2008 01:22 AM
Anonymous
Rob
Unfortunately, foreclosures will increase in Clarksburg as home prices are declining rapidly. The delay in developing Town Ceter with shops and grocery store will defintely have some impact also. The submission of the final plan got delayed again and I don't see the Town Center grocery store anytome before 2010.
Mar 07, 2008 02:40 AM
#4
Anonymous
Rob
Yes, the new FHA limited increased for Maryland (Montgomery County) and California too. The new FHA limit is now approx $723,000. I believe this is little bit of a good news for home buyers like us who are going for closing soon.
Mar 10, 2008 08:05 AM
#5
Gregory Lohr
West Columbia, SC

Sadly, 240,000 is only a drop in the bucket.  I heard that in 2007 over 2 million homes were lost to foreclosure with even more expected for this year.  It's a start, but many more need help.

Jul 08, 2008 05:52 AM
Mary Andes
Frederick, MD

I am helping many seniors who are behind with the revised FHA reverse mortgage and the new reverse for purchase which is saving their homes.

May 30, 2010 01:46 AM
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