FHA Hope for Homeowners Loan Vs. Mortgage Modification

by admin ~ October 23rd, 2008.

Loan Modification:  In the wake of the national foreclosure mess, homeowners have several opportunities to maintain their property ownership. If one solution does not materialize, consider the other.

1. Modifying you’re home mortgage can be a great move especially if you don’t qualify for a conventional or FHA refinance loan.  With a loan modification you must have solid legal representation to maximize the negotiation with your lender.

2. You may have to pay the costs for restructuring with a mortgage modification.

3. There are no appraisal fees!

4. No credit score minimum!

FHA Hope for Homeowners Option: This is a new FHA loan initiative for homeowners to refinance before the lender starts the foreclosure process.

1. FHA will go to 97 percent of the present value of your home, so if you have a little bit of equity left you may qualify.

2. The FHA lender will likely require you to pay for a new appraisal. Ask your lender about this, because you may be able to roll the costs into the loan.

3. You may or may not have to pay for the closing cost to procure the loan. It has not been determined, who actually pays for the closing costs. It will be in the underwriting guidelines, when they come out. Ask your FHA lender

Visit these websites for more information to Stop the Foreclosure Process: Loan Modification Outlet

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3 Responses to “FHA Hope for Homeowners Loan Vs. Mortgage Modification”

  1. debt settlement Says:

    I found something some clients were able to get debt relief quickly that was better on their credit than bankruptcy.

  2. bad credit mortgage Says:

    mortage fraud is a significant problem. Subprime lending has shrinken significantly and FHA mortgage can’t refinance everyone… We help people get approved for bad credit mortgages for refinancing.

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