Articles Tagged With: Second Mortgage

December 9, 2010

Making Home Affordable Program Second Mortgage Modification Program

FHA borrowers, VA mortgage and conventional loan holders can all face default and foreclosure. There's no mystery as to what happens when the bank sends a foreclosure notice--it's all there in black and white. The key is to avoid getting to that point in the first place. There are plenty of programs for first-time home buyers and other home owners who are behind on their mortgages, but what's not so well-known is the assistance for those struggling to pay second mortgages. That's where the government home loan bailout program Making Home Affordable comes in with the Second Lien Modification Program or 2MP for short.

November 19, 2010

How FHA HECM Loans Work

By Joe Wallace

The FHA offers a wide range of home loans and government home loan refinancing programs, but one in particular is just for seniors who have equity in their homes. Known as a HECM or Home Equity Conversion Mortgage, the FHA advertises HECM loans as "a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more."

August 23, 2010

FHA Requirements for Home Equity Conversion Mortgages

By Bruce Reichstein

Home Equity Conversion Mortgages, or HECM for short, are designed to help qualified borrowers take out an FHA guaranteed loan against the equity built up in their property. They are intended for a specific segment of homeowner; FHA requirements for HECM loans include an age-specific restriction, plus qualifying ownership status, and restrictions on the type of property that can be used for a Home Equity Conversion Mortgage.