At these seminars an attorney will personally go over your
mortgage looking for a defense
to foreclosure and potentially
help you negotiate your loan or
even undo your mortgage transaction under the
TRUTH AND LENDING ACT!
The new FHA
Secure loan program is a new refinance
option that is being offered through the FHA
to home owners that have fallen behind on
their mortgage payments due to increasing
interest rates and payments on their
adjustable rate mortgages. The FHA Secure
loan program is the Bush administrations
initiative to slow the record foreclosure
rate in America.
The FHA Secure loan program is designed to
help home owners who took out subprime
adjustable rate mortgages and other
borrowers facing foreclosure due to an
adjustable rate mortgage. Many home owners
are finding the new increased mortgage
payments difficult or impossible to pay
every month and many home owners are now
sliding towards foreclosure. The FHA secure
program would allow these home owners to
refinance their adjustable rate mortgage
into a more stable fixed rate mortgage and
include up to 6 months past due mortgage
payments into the loan balance. However the
home owners must prove that the payment
increase from the adjustable rate mortgage
was the cause of their delinquent mortgage
payments and not lack of financial
responsibility. FHA will also permit back
taxes and insurance to be included into the
new loan amount. No cash out refinances are
allowed with FHA secure.
FHA Secure will be underwritten with
standard FHA guidelines that ensure the
borrowers have the ability to pay the new
mortgage note and will also require home
owners to escrow their property taxes and
insurance. The FHA would have the ability to
adjust the mortgage insurance premiums on
each loan on a case by case basis depending
on the risk factor of the borrower. FHA
hopes the insurance adjustment option will
help more homeowners qualify and save their
homes from foreclosure. The new program will
allow home owners to refinance up to 97.75%
of their home appraised value, Unfortunately
the FHA secure loan program will not help
home owners who have a home that has
depreciated in value.
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.
Gary L. Seymour
Seymour Law Firm, LLC
215 Coram Avenue
Shelton, Connecticut (Ct)
203-924-6700
801-618-4472-efax (direct to
email)
gseymour@ctlawsw.com
At these seminars an attorney will personally go over your
mortgage looking for a defense
