July 8, 2015
FHA loan applicants don’t find a home, apply for the loan, and close the deal expecting to miss mortgage payments or get behind on their home loans. But the borrower who understands that it’s a possibility some time down the road and prepares for that contingency has a much better chance of making the best of the situation.
Sometimes a little knowledge in advance of such problems can go a long way toward fixing them and making the entire experience easier to manage. Do you know what to do in case you fall behind on an FHA home loan?
The FHA, HUD and the Consumer Financial Protection Bureau all have resources you should know about well in advance of any problems–knowing they are there will make the job of getting caught up on your mortgage and avoiding foreclosure less stressful. That’s where a HUD approved housing counselor comes in–you can learn how to manage your circumstances and avoid going into loan default with the help of a HUD approved housing counseling agency.
You can be referred to such an agency by calling the HUD toll free number (800) 569-4287, and entering your zip code. You can also see a list of HUD approved housing counselors listed by state at http://www.consumerfinance.gov/find-a-housing-counselor/
At the state level you may also be able to take advantage of the services offered by a Housing Finance Agency–you can browse a list of housing finance agencies broken down by state at https://www.ncsha.org/housing-help.
All of these resources can be a major help should you get into trouble with an FHA home loan, but don’t forget that you should also contact your loan officer at the first indication that you might have trouble paying your FHA mortgage loan on time. There are more options for borrowers who have not yet missed a payment or who have only missed one payment–don’t let your loan get seriously past due before reaching out to the lender as you could be cheating yourself out of additional help.
Do you have questions about FHA home loans or FHA refinance loans? Ask us in the comments section. All comments are held for moderation.
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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