How Do You Avoid Foreclosure By Refinancing To An FHA-Insured Loan?
The HOPE for Homeowners Act of 2008, passed in July, is expected to help 400,000 homeowners avoid foreclosure by refinancing their home mortgage to a FHA (Federal Housing Administration) insured loan. If you need foreclosure help and need to refinance your home mortgage, read on… This refinancing act is effective October 1, 2008 through September 30, 2011; around 400,000 home mortgages are expected to be eligible for mortgage refinancing. This program is for borrowers at risk of foreclosure, providing a way for borrowers to refinance mortgages and convert to an FHA-insured loan. Qualified mortgage holders can cancel their home mortgage and refinance with a 30-year, fixed rate, FHA insured loan up to 90% of their home’s value. The borrower can take advantage of refinancing to get a lower mortgage interest rate and a dependable monthly payment. To qualify, you must: – have a mortgage payment that is more than 31% of your income – have begun your loan by 1/1/08 – live in the house and n
