FHA Secure has helped 33,000 Prevent Foreclosure
A few blogs ago I shared with you about the FHA Secure loan. After doing some extensive reading this morning based on the unveiling of the new plan, I found that the FHASecure has already begun helping people. According to a press release that I read dated on December 4, 2007 it stated that tens of thousands of homeowners are refinancing their exotic subprime loans with HUD’s new government backed mortgage product. HUD Secretary Alphonso Jackson announced that more than 33,000 borrowers have already refinanced their subprime home loans with FHASecure. The FHASecure is a government-insured foreclosure avoidance initiative created in September.
I was very pleased to hear this because for each one of those individuals that are helped, that is going to change their lives forever. I can imagine some of those people thinking they would not get any help and there FHASecure was. The release shared that there was an additional 20,000 in the pipeline for approval this month bringing the total to more than 53,000 in a four month period. This says to me, that if one door does not open, continue to knock and the correct door will open. You will be able to get the appropriate help. You have to seek it though.
I don’t mean to get on a tangent here but I must share this discussion I was having with a friend. We were discussing how there is so much information out there to help people and in different cultures you are taught that you do not ask for help. How do you advance in life, business or education if you do not ask for help? No one can do it alone. I want to caution you and recommend that when you are seeking help, that you verify what people are telling you. Do not take their word for it, do your due diligence and background checks. Meaning research the information, talk to more than one person. When I get the same answer from two or three people then I know it can’t be wrong. Take your time and get the best solution for you and your family.
FHASecure could be an option for you. FHASecure enables homeowners who have a history of on-time mortgage payments under their original interest rates, but missed payments after their rates reset, to refinance into FHA’s mortgage insurance program. Families with high-cost mortgages and mortgages that are due to reset, but are still current on their loan, also continue to refinance through FHASecure.
The release continued to share that as a result of extensive nationwide consumer outreach, more subprime borrowers recognize they have a choice and are turning to FHA for assistance. FHA’s toll-free call center has received more than 137,000 calls over the past three months. Nearly 900 FHA-approved lenders around the country are participating in FHASecure by helping families refinance with home loans insured by FHA. Don’t prolong what could be your answer to a very stressful situation.
Taffy Wagner
