February 22, 2011
There are many options FHA borrowers have to avoid default and foreclosure on an FHA mortgage. Borrowers in trouble are encouraged to contact the FHA and their lender as early as possible in the process of dealing with financial difficulty–the earlier you act, the more options you have. There are several homeowner bailout programs available to help homeowners keep their homes, avoid missing additional mortgage payments and stay on financial track.
For borrowers who are struggling with rising mortgage payments or who have payments that are currently too high, refinancing is an option that can help easy the monthly money crunch. Some refinancing options are easier than others to get into–the FHA Streamline Refinancing program, for example, requires no new credit checks or employment verification in many cases.
In spite of the terms used to advertise some refinancing loans offered by some companies such as “no cost refinancing” there are fees and expenses associated with these loans.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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