Articles Tagged With: FHA Foreclosure

January 26, 2011

FHA Loans and Foreclosure: a Timeline

With home foreclosures still in the news even several years after the housing crisis of 2008, we've written a fair amount on topics related to foreclosure on FHA home loans. Default and foreclosure are often preventable if the buyer takes action early; in some cases a simple bit of additional information is the only thing a borrower needs to take action that can save the home. Missing one FHA mortgage loan payment isn't good, but it is not the end of the world if the buyer contacts the loan officer and the FHA to discuss next steps. But what happens when the buyer misses the a second payment? The FHA says when the second payment in a row is missed, the bank will definitely reach out to the homeowner, but | more...

January 25, 2011

FHA Loans: How Many Payments Can Be Missed Before Foreclosure Starts?

By Joe Wallace

When FHA borrowers get into financial trouble, the best thing to do is to get in touch with the FHA and the lender immediately to start damage control. This helps avoid the borrower going into default or foreclosure on the FHA loan. Some borrowers mistakenly think that they are in foreclosure territory after missing one or two payments--but many more wrongly believe they have much more time even after missing two or more payments before the foreclosure proceedings start. The truth is that the foreclosure often varies depending on the state and the lender. How much time does a borrower have before going into default and foreclosure in general?

January 24, 2011

FHA Loans, Foreclosure, and the Redemption Period

By Joe Wallace

When an FHA borrower gets in trouble on an FHA mortgage loan, there is a specific set of steps that take place. From the time the first FHA loan payment is missed to the cut-off date to avoid foreclosure after multiple payments have been missed, there are places along the way where foreclosure could be avoided in many cases. But some borrowers wind up in foreclosure regardless, and the loss of the home can be devastating. But is there a second chance for a borrower to get their home back once it goes into foreclosure proceedings? According to the FHA, in some cases the answer is yes thanks to something known as the redemption period. Redemption is a transaction where the original owner of the foreclosed home is allowed to | more...

January 24, 2011

FHA Loans and Foreclosure: Are You In Danger?

By Bruce Reichstein

The FHA has many programs to help home buyers find and purchase a home. But FHA help doesn't end there--the government has a vested interest in helping people keep their homes even in times of financial difficulty. When borrowers get into trouble with their FHA mortgage loans, the first line of defense is to address money problems as early as possible. That's why the FHA offers their toll-free number (1-800-569-4287) to put home owners in touch with a housing counselor.