One of the adjustable rate mortgage relief programs that is covered in our refinance wizard is FHA sponsored FHASecure. A few days ago HUD disclosed that only 87 delinquent conventional loans were refinanced in the first two weeks of November, nowhere near the numbers anyone would expect given claims that more than 33,000 FHASecure loans have been issued.
This releavation makes it clear that the FHASecure’s purpose is not to refinance those with good credit. A different FHA program is already available for such borrowers. Instead, the sole and only purpose of the FHASecure program is to help those facing foreclosure. According to HUD “more than 33,000 borrowers have already refinanced their subprime home loans with FHASecure, a government-insured foreclosure avoidance initiative.”
Thus, FHASecure is not a true refinancing program for all borrowers, but a “government-insured foreclosure avoidance initiative” for subprime borrowers facing foreclosure.
4 responses so far ↓
1 paula marshall // Jan 10, 2008 at 12:44 pm
I am in need of having my home refinace due to the fact that I do not wish to loose a home that has been in my family over 43 yrs because the company that I presently have a arms mortgage with is ask for it to be sold 02/03/08 because I am not able to raise 11,000 dollars I have horrible credit and I am trying to negotiate with them with no success. If you can assist me in any way without chargeing me what it takes to keep from lossing my home I would pray you would contact me as soon as possible.
Thank You,
Paula
2 Study Suggests to Expand FHA Secure Program | Mortgage Foreclosure & Refinance Resource // Jan 27, 2008 at 4:30 pm
[…] U.S. borrowers according to a study. Specifically, the document suggests the FHA loosen its ‘FHA Secure’ program to aid not just adjustable-rate mortgage holders but borrowers with fixed rates and those who have […]
3 Mark Leidle // Mar 22, 2008 at 3:01 pm
I am going to prison for 21/2 years and dont want to loose my home. My family will be on the streets because my wife will never be able to make the payments. Is there any help for this type of situation? A deferral program or??????
Mark Leidle
4 Maldonado, Daniel // Nov 15, 2008 at 8:49 am
Please submit information in spanish, looking to refinance home with ARM in threat of foreclosure.
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