Timely news, information and advice concentrating on FHA, VA and USDA residential mortgage lending.

Vimeo Channel YouTube Channel

Articles Tagged With: Foreclosure

August 30, 2011

Emergency Homeowners’ Loan Program Extended

By Joe Wallace

Qualified FHA borrowers at risk of foreclosure on FHA mortgages could find help from the Department of Housing and Urban Development. According to a press release from FHA/HUD, FHA borrowers in 27 states and Puerto Rico have another chance to apply for funding from the Emergency Homehowners’ Loan Program. In a release dated August 29, 2011, it was announced, “The U.S. Department of Housing and Urban Development and NeighborWorks America today reopened the application process for the Emergency Homeowners

 

June 8, 2011

FHA Loans: Deed-In-Lieu of Foreclosure Rules

By Joe Wallace

Borrowers having trouble making payments on their FHA mortgages are encouraged to contact the FHA and the lender as quickly as possible to discuss possible arrangements to help prevent the loan from going into default and foreclosure. In some cases a loan forbearance may be possible or a refinancing of the FHA loan, but in more extreme cases the borrower may consider a move called deed-in-lieu of foreclosure, sometimes called deed-in-lieu for short. A deed-in-lieu arrangement is for borrowers in default on their FHA loans who don’t qualify for any other HUD loss mitigation program. In essence, deed-in-lieu results in the borrower signing back the home to the mortgage company. FHA rules state that deed-in-lieu proceedings must be initiated within six months of the loan going into default, and there | more...