The new FHA
Secure program would help home owners who
have fallen behind on their home mortgage
and possibly facing foreclosure. The new
program would allow the delinquent home
owners to refinance their Adjustable Rate
Mortgages.
Adjusting variable rate mortgages have
caused many homeowners to fall behind on
their mortgage payments and is one of the
leading causes of the record high
foreclosure rate in the United States.
Traditionally a home owner with a late
mortgage payment would not qualify for an
FHA mortgage refinance but Under the new FHA
Secure proposal home owners would be
eligible for an FHA refinance if they can
prove the late mortgage payments were
directly caused by an adjusting mortgage
rate that has increased from the standard
introductory rate.
FHA Secure loans will be made by private
mortgage lenders, mortgage brokers and banks
and will be available to home owners at the
current market rate and insured by the FHA.
The standard FHA underwriting guidelines
will apply to the FHA Secure program and a
new FHA approved appraisal will be ordered
for the property. Under the new plan
Borrowers will be eligible to refinance up
to 97.75% of the total appraised value of
their home. FHA will also charge mortgage
insurance premiums based on the individual
risk of each mortgage refinance loan that is
written. By using the FHA Secure program
with the standard FHA underwriting standards
FHA will be able to increase the
availability of the program and help even
more troubled home owners.
The FHA Secure refinance program will not
however help home owners who have properties
that have depreciated in value and are now
worth less then the current mortgage
balance. it is estimated that an initial
80,000 home owners may be helped by the FHA
secure program.
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
