FHA Loan to the Rescue

As a result of the subprime meltdown and foreclosure crisis, the Bush administration signed into effect two foreclosure rescue programs. FHASecure was created to help stifle the foreclosure crisis and was signed into law earlier this year and is due to expire on December 31, 2008. It was meant to be a temporary measure, which is why it's expiring. However, as a result of the continued problems with foreclosures, a second foreclosure rescue plan: HOPE for Homeowners. HOPE for Homeowners went into effect on October 1, 2008. With these plans, you only need 3% equity in your home.

Both these rescue plans are for those facing foreclosure due to subprime adjustable rate mortgages (ARMs) have recently adjusted or are getting ready to adjust to higher interest rates and the exotic option ARMs-negative amortization and interest-only mortgages-that are getting ready to reset to being fully-amortizing loans. The problem is, they don't address foreclosures as a result of job loss, medical bills incurred due to a sudden illness, death, divorce or other financially devastating circumstances. Even if someone is eligible for the FHA bailout plans, they may not have enough equity to qualify. Many people in subprime and exotic loans are upside down on their mortgage-their home is worth less than what they owe due to declining home values.

 

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