Tampa Mortgage Refinance | Help for Delinquent Payments

By
Mortgage and Lending with Your Tampa Bay Mortgage Source
PiggyBeing behind on mortgage payments can provide a huge hurdle for borrowers looking to refinance into a more affordable interest rate.  HUD recently announced a new refinance program available through FHA called "FHASecure".  The refinance program is for borrower who are feeling the effects of a subprime adjustable rate mortgage and have become behind on payments because of the increase in their monthly payment.

The ideal candidate for this program is a homeowner who:

  •  Made all their mortgage payments on time, until the adjustment of their interest rate began and caused a financial stress. 

This FHA program is great because it provides flexibility in qualifying by allowing borrowers to finance their delinquent payments into their new mortgage.  In addition, if the new FHA mortgage is not enough to pay off the existing first lien, including arrearages and closing costs, FHA is allowing the lender to execute a second mortgage at closing for any difference.

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To read more about FHA mortgages, visit this link:

Tampa Mortgage | FHA, VA, Governement Loans

View my original article an other Tampa Mortgage articles at www.tampabaymortgageblog.com

Interested in seeing if this refinance program is an option for your situation, please email Leah Ross, your Tampa Mortgage Source.

Comments (12)

Cristy Smith
mmm - Austin, TX

Leah~

Thanks for the great information. That sounds like a great program to use!

Thanks again!

Cristy

Sep 05, 2007 07:50 AM
Cristy Smith
mmm - Austin, TX

Leah~

Thanks for the great information. That sounds like a great program to use!

Thanks again!

Cristy

Sep 05, 2007 07:51 AM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Leah,

Good information for those who apply...I am sure the consumers will be calling on you for that program.

Sep 05, 2007 08:11 AM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage

Cristy ~ Thanks for the comment

Neal ~ That's the issue, not everyone will call...but it doesn't hurt for customers to check it out and see if it might be a fit for them...no charge for that!  Thanks for the comment!

Sep 05, 2007 08:33 AM
Tom Burris
NMLS# 335055 - Baton Rouge, LA
Texas/Louisiana Mortgage Pro - 13 YRS Experience

Leah

Did you ever see the 'White Paper' that they promised?

I looked, but it didn't come out last Tuesday like they said.

Sep 05, 2007 10:47 AM
Ashley Drake Gephart
Drake Intel Group - Albuquerque, NM
Leah good information for those struggling with the increased payments of an adjustable rate.
Sep 05, 2007 12:38 PM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage

Tom ~ I received the mortgage letter yesterday, I will forward to you...

Ashley ~ So true, thanks for the comment!

Sep 05, 2007 02:10 PM
Paula Henry
Home to Indy Team @ HomeSmart Realty Group - Avon, IN
Realtor - Indianapolis Real Estate - 317-605-4174
Leah - I am trying to learn all the new rules and take in all the changes in lending. Thanks for the update!
Sep 05, 2007 04:18 PM
Thesa Chambers
Fred Real Estate Group - Bend, OR
Principal Broker - Licensed in Oregon
thanks for the update - I am soaking it in...
Sep 05, 2007 07:05 PM
Stephanie Edwards-Musa
thredUP.com - The Woodlands, TX
knitwit at thred UP
Hi Leah,  This sounds like a great program for some people.  Thanks for putting this out here for us!
Sep 06, 2007 04:35 AM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage

Paula ~ You are quite welcome!  Thank you for reading and posting a comment!

Thesa ~ I am trying to explain in simple terms...trying is the key word here, I am dealing with HUD...you know they can't make things simple and easy:)

Stephanie ~ I appreciate you reading my posts! 

Sep 06, 2007 06:05 AM
Susie Roscoe
Signature Realty Associates - Brandon, FL
Real Estate Specialist | Brandon, FL
What a great option!  Thanks for sharing your expertise as a Mortgage Consultant in Tampa.
Sep 07, 2007 04:32 AM