Posted on: 11th Apr, 2008 03:19 am
hi all,
i would like to share that federal housing administration has announced, more than 500,000 delinquent borrowers who have good credit history will be able to avoid foreclosure by refinancing into fha secured. fha secured will have some changes that will allow more delinquent borrowers to refinance their arm into fha secured so that they can avoid foreclosure. this plan will be backed by the bush administration.
if you have any suggestion or information on this topic feel free to share with the community.
best of luck,
larry
i would like to share that federal housing administration has announced, more than 500,000 delinquent borrowers who have good credit history will be able to avoid foreclosure by refinancing into fha secured. fha secured will have some changes that will allow more delinquent borrowers to refinance their arm into fha secured so that they can avoid foreclosure. this plan will be backed by the bush administration.
if you have any suggestion or information on this topic feel free to share with the community.
best of luck,
larry
Hi,
Welcome to Mortgagefit discussion board.
Good information and this good that FHA and the Bush administration are trying to help the delinquent borrowers to avoid foreclosure. I like to add that according to this plan the borrowers who have two consecutive missed payments or who have two missed payments in the last 12 months can if they can meet 97 percent LTV requirement. Again if the borrowers 3 consecutive missed payments or three missed payments in the last 12 months can be able to refinance if they can fulfill 90 percent LTV ratio requirement.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Good information and this good that FHA and the Bush administration are trying to help the delinquent borrowers to avoid foreclosure. I like to add that according to this plan the borrowers who have two consecutive missed payments or who have two missed payments in the last 12 months can if they can meet 97 percent LTV requirement. Again if the borrowers 3 consecutive missed payments or three missed payments in the last 12 months can be able to refinance if they can fulfill 90 percent LTV ratio requirement.
Do let me know if you have any other questions.
Thanks
Blue
That's interesting news larry especially after the previous intiatives take by the FED such as the Rate-freeze, the Hope helpline and the Project Lifeline couldn't be of much help to those struggling with their payments. But this seems to be an expansion of the FHA Secure program considering the eligibility criteria.
So, if you're the one who has made 2-3 late payments on your ARM in the past 1 year, there's a fair chance that you'll qualify. But the loan to value ratio, that is, the loan amount for refinance shouldn't exceed 97% and 90% of your home value if it's 2 and 3 late payments respectively.
It's perhaps too early to comment on how helpful this program may be for homeowners. But what I like about this program is, one has to get the home appraised with an FHA approved appraiser. So, I suppose there are less chances of any inflated or reduced appraisal here. But again, this is just a personal opinion :)
Good luck
So, if you're the one who has made 2-3 late payments on your ARM in the past 1 year, there's a fair chance that you'll qualify. But the loan to value ratio, that is, the loan amount for refinance shouldn't exceed 97% and 90% of your home value if it's 2 and 3 late payments respectively.
It's perhaps too early to comment on how helpful this program may be for homeowners. But what I like about this program is, one has to get the home appraised with an FHA approved appraiser. So, I suppose there are less chances of any inflated or reduced appraisal here. But again, this is just a personal opinion :)
Good luck
What is the criteria of a good credit histore. Considering if you could not make your mortgage payments, surely all other bills would fall by the waste side
Hi Pink,
Very good question what is "good credit history" people who are in trouble with thier mortgage have terrible credit history. So what is "good credit history?" I've searched high and low and no one has been able to give me a straight answer.
Very good question what is "good credit history" people who are in trouble with thier mortgage have terrible credit history. So what is "good credit history?" I've searched high and low and no one has been able to give me a straight answer.
"Good credit history" would be if you have been paying your bills on time and have not made any late payment or never missed a payment. You haven't defaulted on your debts and none of your accounts are on collection or even if they have been they're quite old to have a big negative impact your credit report. In short a clean and perfect credit report. By the way, how's yours Pink?
Thanks Samantha! :D You right pink people who have fallen behind will not have good credit because typically they have missed payments on other bills that are reported to credit bureau.
You guys are right. I'm in the situation now. I didn't have great credit to start with so that's why I have the crappy loan to begin with, but now every dime I have goes into trying to keep my house not trying to improve my credit
Hi Fred.
This is because of the current condition and may be you have not made good decision by taking the loan when you hadn't have good credit. So that teaches all of us the lesson to improve the credit first before going for a mortgage. Not only that we should also think how much can we afford.
Best of luck,
Larry
This is because of the current condition and may be you have not made good decision by taking the loan when you hadn't have good credit. So that teaches all of us the lesson to improve the credit first before going for a mortgage. Not only that we should also think how much can we afford.
Best of luck,
Larry
Great Point!
that would be a twenty thousand dollar lesson if I lose what I've put down. I'm not willing to learn it that way
Hello.
If you can make payments on time then it will he you to inprove your credit score. Why are you calling it "crappy loan". Is the interest higher and you cannot afford to make the monthly payments?
If you can make payments on time then it will he you to inprove your credit score. Why are you calling it "crappy loan". Is the interest higher and you cannot afford to make the monthly payments?