FHA Home Modification loan Program

FHA - Home Affordable
In 2009, the The Making Home Affordable program was introduced to help struggling home owners avoid default and foreclosure on their home loans, including FHA mortgages and equivalent programs for VA home loans.

Under the new program, several loan modification and refinancing options became available. Those with FHA loans who qualify for help under these programs have many options to save the home, prevent foreclosure and get back on track with their mortgage payments. But with any new program or set of programs, there is often some confusion--what's the difference between loan modification and Home Affordable refinancing?

Under Making Home Affordable there are refinancing plans where eligible borrowers can get into more affordable monthly payments and lower interest rates. Refinancing is basically the creation of a new loan to replace the old one, using new terms and interest rates. Home Affordable Refinancing loans are for borrowers who are current on their mortgage payments--in this case, "current' is defined as being no more than 30 days late on any home loan payment in the last 12 months.

Home Affordable Loan Modification Programs are different; borrowers are eligible when they got their FHA mortgage or conventional home loan prior to January 1, 2009, and are "currently in trouble" making payments.

"Trouble" can be defined in many ways, including situations where a borrower sees a rapid increase in mortgage payments on variable rate loans. It can also include financial hardship related to job loss or other financial difficulty. Qualifying circumstances vary, it's best to ask about your specific set of issues connected to mortgage payments to see if you qualify for a Making Home Affordable program loan modification.

FHA loan modification is not the same as refinancing a mortgage. When a loan is modified, some of the original mortgage may be forgiven. You may need to renegotiate the terms of your existing loan or have the mortgage changed to lower payments, interest rates, or both. All of these changes are made to the original home loan rather than applying for a brand new mortgage.

Atlantic Publishing Group Inc The First-Time Homeowner's Handbook: A Complete Guide and Workbook for the First-Time Home Buyer
eBooks (Atlantic Publishing Group Inc)

Call your current mortgage company

2009-03-19 12:30:30 by lvnu2nt

And ask for loan modification. see you meet the guidelines. but only you current mortgage company can offer this.
otherwise call around to other mortgage companies and see if you meet the guidelines for the FHA home program.
otherwise, call a BK Lawyer and check out that too. atleast filing a CH13 gives you away to get bills under control and save your home. but try this last. do the other things first.
but get to calling fast, there is along call back list of people checking the samething.

Dont know on that one

2008-10-30 10:17:20 by lvnu2nt

They have already signed in new temp laws to save homes....now it WONT help everyone becasue they are still guidelines.
new options:
FHA HOME Program
Loan Modification into a fix (but in a fix now wont help you)
Homestead FHA Program
ask your current mortgage company if they have any of the aboves for you.....they wont if they are a broker....
or call FHA....they can help you get to a lender that is approved to do the new programs.
Good Luck..

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