New FHA Home Affordable Loan Modification program
Several news outlets revealed today that FHA insured mortgage loans will be modifiable after Aug 25. This is good news for a huge number of income-strapped homeowners.
Brief aspects of the program include: modification up to 125% of home value, deferrment of principal owed through an interest-free subordinate loan (essentially a second mortgage), not due until first mortgage is paid off; buy-down of the total balance by up to 30%.
The biggest danger is that the property does not significantly increase in value before the new second is due. Given the history of the US, this has to be a safe bet.
After five different accounts of this new program, I liked this article the best.
This will greatly increase the already overloaded workload for lenders.
Call a US licensed attorney and get to the front of the line.
I have two great firms.
Posted on August 1, 2009 at 3:49 am
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