From Les Christie at CNNMoney: Get Help - before you fall behind on your FHA mortgage
Struggling to pay your FHA mortgage? Now you no longer have to be late with your payments to get help.
The Federal Housing Administration announced that it will assist borrowers before they become delinquent...prove your problems were caused by a reduction of income from a job loss, fewer paid hours, slashed wages or a decline in self-employed business earning.
"The FHA has always required lenders to establish early contact with delinquent borrowers to discuss the reason for missing a payment and to evaluate reinstatement options," FHA Commissioner David Stevens said in a prepared statement. "Now servicers will have additional options for those borrowers who seek help before they go delinquent, which increases the likelihood that the borrower will be able to retain their home."
Borrowers may qualify for permanent payment reductions. This may be done by increasing the length of the loan, reducing the interest rate or even forgiving principal -- or a combination of any of the three.
This is great news. Especially, since loan servicers or jerking borrowers along and loosing their paperwork. If you have an FHA mortgage and you are falling behind, get the no hassle help you deserve.
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