If you or someone you know is having trouble paying the mortgage, here are a few programs that may help prevent foreclosure.
FHA Secure Overseer (FHA)
How it works: Replaces a non-FHA loan with an FHA insured loan. Must be your primary residence, must be an adjustable rate mortgage and not FHA insured. Your loan status can be current or delinquent. Contact your loan servicer or any FHA approved Lender
Hope for Homeowners Sponsor (FHA, FDIC, Treasury Department and Federal Reserve)
How it works: Replaces existing mortgage with new 30 or 40 year fixed rate mortgage insured by FHA. Must be your primary residence. Loan must have been originated on or before Jan 1, 2008 and you must be in financial distress (unable to pay without assistance). Contact your loan servicer.
Streamlined Modification Program (Federal Housing Finance Agency and Hope Now Alliance)
How it works: Existing loan must be owned or guaranteed by Fannie Mae or Freddie Mac or held by a Hope Now Alliance member. Must be at least 90 days delinquent. Contact your loan servicer or Hope Now Alliance, www.hopenow.com or (888) 995-4673
Rob Kelly
www.RobKellyColorado.com
www.DenverForeclosureTour.com
Twitter: @RobKellyCo
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