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FHA Secure Loans - Foreclosure
By
Yanni Raz
WHAT IS FHA
Secure?
FHA Secure is designed specifically to
address the needs of homeowners who are now
facing inevitable foreclosure as result of
mortgage payments adjusting beyond their
means of affordability. WHO IS ELIGIBLE To
qualify for FHA Secure, and include the
delinquent loan payments, homeowners wishing
to refinance must meet the following
requirements:
Have a non-FHA insured ARM that has reset
Sufficient income to make the mortgage
payment and
A history of on-time mortgage payments
before the loan reset
Homeowners who are current on their
conventional mortgages must have sufficient
income to make the mortgage payment. By
refinancing into a FHA insured mortgage, you
can expect to pay lower monthly mortgage
payments. FHA Secure can improve the quality
of life for many communities by helping to
reduce the number of mortgage defaults and
bringing greater stability to local housing
markets.
President Bush on Foreclosures
The U.S Government is finally taking action
to relief homeowners with sub-prime
mortgages. Experts say the initiatives are
designed to ease foreclosure fears and help
the economy, not to bail out lenders. In an
anticipated announcement President Bush
unveiled the plan that, he said, would help
homeowners avoid foreclosure. The "Bush
Plan" was negotiated with private lenders
and it would allow some borrowers who's
interest rates are soon to rise to either
refinance their loans or have their current
rates frozen for five years. Bush said "it
would bring more relief to more homeowners
more quickly" As we take these steps, Bush
added, the Department of Justice will
continue to pursue wrongdoing in the banking
and housing industries -- so we can help
ensure that those who defraud American
consumers face justice. "The rise in
foreclosures would have negative
consequences for our economy. Lenders and
investors would face enormous losses. So
they have an interest in supporting mortgage
counseling and working with homeowners to
prevent foreclosure" the President Said.
Bush was very clear when he said that the
Government's plan in no way was designed to
help irresponsible buyers. " We should not
bail out lenders, real estate speculators,
or those who made the reckless decision to
buy a home they knew they could never afford
he said. The holidays are fast approaching
and unfortunately this will be a time of
anxiety for Americans worried about their
mortgages and their homes" said Bush. The
President called on congress to do its part
in providing some immediate relief. Bush
said the steps were needed "so we can keep
the economy healthy and the American dream
alive".
Conclusion
Are you one
of the many that suffer from insurmountable
debt and wonder if bankruptcy is an option?
Give us a call at (203) 924-6700 or
contact us.
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At these seminars an attorney will personally go over your
mortgage looking for a defense