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E-Mail 'FHA Mortgage Guide Posts FHASecure Guidelines' To A Friend

by Peter G. Miller
September 5th, 2007

Email a copy of 'FHA Mortgage Guide Posts FHASecure Guidelines' to a friend

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This entry was posted on Wednesday, September 5th, 2007 at 10:15 am and is filed under , . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

10 Responses to “FHA Mortgage Guide Posts FHASecure Guidelines”

  1. Gerri Detweiler Says:

    Excellent job describing this program. The estimates of the percentage of foreclosures this program will prevent seem wildly optimistic, but even helping a couple hundred thousand homeowners is still positive.

    I have a hard time imagining many lenders will want to place a second behind one of these loans, for a risky borrower. Standards for seconds have tightened significantly. Writing off all or part of a second may be a more likely scenario, though again, actually getting a deal like that through will not be easy.

  2. Peter G. Miller Says:

    For those who may not know, Gerri Detweiler is a well-respected and nationally-known consumer educator and author.

    On the matter of optimistic HUD estimates, Gerri may be right. Alternatively, the foreclosure problem is so huge — and getting larger — that any effort to save homeowners cannot be ignored.

    HUD has been saying that 100,000 borrowers would refinance into FHA loans this year. With FHASecure, the new number is 240,000 — 60,000 facing foreclosure and 180,000 seeking rate relief. Even if HUD is half right, that’s still a lot of help.

    The better solution, of course, would have been for regulators to stop these loans in the first place or to make ‘em rare.

  3. melissa Says:

    I was told be a lender under this new program that my house value was outside the limit for my town. How is this program going to help me then ?? Many may have the same situation.

  4. Peter G. Miller Says:

    Melissa –

    You make an important point. The current FHA loan limits mean that many borrowers will not be able to refinance under the FHASecure program. However, congressional Democrats are trying to push through legislation that would raise the FHA limits so that more borrowers would have access to the program. The White House largely opposes this effort.

  5. Maurreene Says:

    What about all of the homeowners who have been working in the mortgage industry and have been recently let go?? What about unemployed single mothers that are loosing their homes because of these conditions?? How can I get releif from a program like this if I’m collecting unemployment insurance while I look for a new career?? Foreclosure seems to be the answer right about now………

  6. Mary Casalina Says:

    A number of major financial set backs have occurred in the last two years since I purchased my condo in 12/2005. The two huge set backs were that my homeowners association dues thripled, and my bill-paying partner was diagnosed with a disabling disease, and hasn’t worked for most of 2007, thus my mortgage payments were delinquent requently, intermittent with my other debts. The property sold for more than the bank would appriase it for, and now it would sell for less on todays market.

    The flexible increase ARM payment has also increased 100% and now I am being foreced into foreclosure, mainly because the homeowners’ dues are delinquent.

    I have been denied FHASecure because of late ppayments before the increase, and bad credit. I am divorced, single 59 years old female, work two jobs, sole caretaker to my 27-year-old son, who is still waiting word on his disability case now in its ninth month! Is there anywhere, anyway, someone or some dept. of government can keep us from losing everything

    I know this is not a comment, but we are really desperately seeking help from any avenue.

  7. Peter G. Miller Says:

    Mary –

    Please contact the local bar association or a local law school to see if pro bono legal services can be made available.

    Also, see if there is a local relgious community that can provide assistance, some cash for the HOA fees and perhaps help you get the property refinanced.

  8. mario m Says:

    I HAVE BEEN IN A CHAPTER 13 FOR 36 MTHS. AND COMPLETED IT ON TIME WITH NO LATES PAYS,THE PROBLEM I HAVE IS THE FESABILTY PROBLEM WHICH IS 8000.00 I TRYED TO GET MY HOUSE REFI. WITH FHA. THEY WILL NOT DO IT BECAUSE OF 2 RETURNED CHECKS ON MY CREDIT REPORT WHICH I PAID. IS THERE ANY HELP OUT THERE

  9. Chris Tormey Says:

    What of the Mortgage Insurance companies? The majority of the write-down covers the entire insured piece of a >80% (original) LTV loan! Are the Mortgage Insurance guys exonerated, wiped out, or something in between? I must imagine that most of these writedowns are on mortgages that had mortgage insurance purchased on them, no?

  10. John Trujillo Says:

    Does anyone know the consequences of walking away from a house with an FHA mortgage? The house has lost all equity and cannot be sold without a huge discount. Will HUD come after the borrower for its claim amount?
    Please advise.
    Thanks
    John T

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