The new FHA loan program will assist homeowners who are currently in foreclosure, close to foreclosure or those who have high interest rate mortgage loans like those called sub-prime loans. The program is different than a loan modification in several ways.
The costs of the loan modification are rolled on the “back-end” of the loan, which will increase the amount of money you owe.
This process can cause the loan modification workout to be slow, in many cases. If your request for a loan modification is rejected, you may want to try it again in a few months, since; some lenders don’t document the loan modification attempt you made. It is smart to work with a loan modification specialist, a seasoned loan officer or an attorney who specializes in real estate, mortgage lending and loan modifications. Those same attorney firms work with the loan modification specialist to make sure the original loan documents are not fraud ridden. Homeowners are required to pay the loan modification specialists and attorneys for the services, provided. Many loan modification specialist, senior loan officers and attorney firms can work out a payment plan, yet, many require at least 1/2 upfront before they start the loan workout. Understand, there is no guarantee that your loan modification or loan workout will be accepted. A large percentage of loan modifications and workouts are accepted. Loss mitigation departments may choose to approve you for a new loan which is (another adjustable or tiered -fixed loan).
FHA- Hope for Homeowners Program:
No other loan types will be accepted. FHA will loan up to 90% of the current value of your property. The FHA underwriting guidelines are currently more liberal than any other loan guidelines in the current market. Homeowners will (probably) be required to pay for a new FHA appraisal, as a condition for loan approval and closing. Consult your loan modification specialist or loan officer.
Work closely with your loan officer to get the items needed for loan submission.
If you’re, FHA -“Hope for Homeowners Program” loan application is accepted by FHA; your current lender will still have to accept the condition which FHA places on the loan. This means that your current lender may to take a loss in equity by accepting the FHA loan buyout, offered.
This single condition will cause many lenders to accept the FHA loan buyout. Ask your loan officer for information regarding lender participation in an equity gains.
Many lenders are fully; “FHA approved lenders” and will require that your loan be recast within the FHA loan department of your current lender. Therefore, ask your loan officer if your current lender (note holder) is FHA licensed. This will save you time and headaches, since; many loan officers will try to do the loan on your behalf without determining if your current lender wants the new FHA loan on their own books. This may be a condition for an FHA loan approval, by your current lender. If our current lender is already an approved lender, they might as well sell the loan to FHA, direct, correct?
Third party cost like, attorney fees, loss mitigation fees, foreclosure posting fees, etc., will be absorbed by your current lender under the FHA – Hope for Homeowners Program. Consult your loan officer for details.
2. You will have to pay the costs for this type of loan modification.
FHA – Hope for Homeowners Program:
Your loan officer can provide this information for you.
Ask your loan officer.
Ask your loan officer about these two factors.
Loan Modification Vs FHA – Hope For Homeowners Program – Comparative Analysis!
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