How Do You Get Out Of Foreclosure With A New FHA Loan Program?
The Federal Housing Administration [FHA] will require that you supply (the loan officer handling your file) specific information to get your new loan approved for up to 90% of the properties current value. All consumers will be qualified for a 30 Year Fixed rate – FHA loan program. No other loan programs will be considered. FHA will require that your current lender accept the terms and conditions of the new loan for which FHA will accept and fund on your behalf (if you are approved). This means that the current lender may have to take a loss on the property equity, costs of attorney fees, title fees or charges or any other fees tied to the current or pending foreclosure. An subordinate lenders will also take a loss, unless they purchase the primary lien holders loan (this action seldom happens). Here are some specific details of the FHA loan program. Consumers must adhear to the following: * Their mortgage must have originated on or before January 1, 2008; * Their mortgage debt-to-inco
