Stop Foreclosure By Utilizing A New Government Program
If you are currently on the adjustable-rate plan for your mortgage loan, and finding it hard to adapt with the ballooning interest rates, you are not alone in this struggle. As the depreciation of the economy caused many people to lose their jobs and experience pay cuts, foreclosure trouble surfaced in more than a few homes in the United States today. Wondering how to stop home foreclosure effectively? One sure proof method is by accepting the government’s help through the FHA Secure Refinance Program from the Federal Housing Administration (FHA). This is the government’s direct response to help those facing foreclosure to make their mortgage payments more manageable.
Through the ARM program, many homeowners have been conned into accepting previously low interest rates, falling into false security, and now paying the price for it. The FHA Secure Program helps to transform those mortgage loans into fixed-rate FHA loans that would reduce your monthly payments considerably. If you are eligible for this program, a conventional lender would offer you their services with a fixed-interest rate plan. Nevertheless the only difference here is that these loans are insured by FHA, and you would also be using a FHA-approved lender.
Having your loan insured by the government itself is a dream come true in terms of security, and without a doubt less risk is involved. Even those with bad credit scores qualify for this program, especially if you are showing improvements in your credit rating and are making efforts to better it further. Even if your credit score is below 500, you would still be able to qualify for this plan, as the government is serious about helping homeowners stop foreclosure now as much as they can.
FHA’s Secure Refinance Program may be the answer for you if you have tried to ward off foreclosure issues without success with other possible methods. FHA prefers to focus on the overall credit account of the homeowner instead of the credit score itself to help homeowners further. To qualify, you must currently have a non-FHA ARM mortgage loan, and the interest rate within your mortgage loan must have been changed between June 2005 and December 2009. And you must also have a clean record of payment prior to the increase of interest rate, this would be something that FHA would definitely like to see in your credit account. Other requirements include a minimum of 3% of cash/ equity in the property, as well as a consistent history of employment that would guarantee that you would be able to make the payment in proper.
This method is a brilliant one if you are looking to get away from the troublesome ARM plan that you are on now, and it has worked for hundreds out there. Now is your chance!
On June 12, 2008, the finalists competing for the 2008 Innovations in American Government Awards presented before the National Selection Committee, chaired by David Gergen. In this video, finalists include the following government programs: * Intelligence Community Civilian Joint Duty Program from the Office of the Director of National Intelligence * Learn and Earn, North Carolina * Global Maritime Domain Awareness, US Department of Transportation * Fresh Food Financing Initiative, Pennsylvania * Youth Leadership Advisory Team, Maine
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