The focus of this article will be the FHA SECURE PROGRAM. To simply put it, FHA Secure is a refinance option for home owners that currently have a subprime loan or any other non FHA loan. One of the benefits of this program is whether you are current or delinquent on your current mortgage, you could still qualify for this FHA Secure Loan. That means if you are currently late or have had late payments in the past, then you could still qualify for a low fixed rate mortgage. Now before we go any further lets clarify what is considered a late payment in the mortgage industry when qualifying for a new loan.
Here it is – the mortgage industry does not consider you ‘late' until your payment is 30 days past due. So that means that if you make a payment on the 25th of the month when it's due on the 1st, you are not “late” as far as a mortgage approval is concerned!
Of course, your current mortgage lender will consider you late (typically after a 15 day ‘grace period”) and assess applicable fees. But the lender will not report you to the credit agencies until you are 30 days late. So it won't affect your credit!
Now in April of 2008, the FHA Secure loan program was expanded to provide assistance to the following: - Borrowers with an adjustable rate mortgage who were late on 3 consecutive months or 3 different times within the last 12 months. FHA will allow up to a 90% Loan-to-Value for these homeowners to refinance. - Borrowers that have an adjustable rate mortgage who were late on 2 consecutive months or 2 different times over the course of the last 12 months can qualify for a refinance loan of up to 97% Loan to Value. - Now borrowers have to be able to document sufficient income to qualify for the new FHA Loan.
It is not uncommon in today's market for the lenders to voluntarily reduce the amount owed on sub prime mortgages to allow the refinance at 97 or 90% Loan to Value, but of course on a case by case basis. The FHA Secure Loan Program has also encouraged lenders to be more flexible and allow subordinate financing (second Mortgage) to make up for the difference between the current loan balance and the new FHA loan. Now homeowners in Fort Lauderdale and Miami that have adjustable rate mortgages that have recently adjusted and have caused financial burden or even foreclosure are finding relief in this FHA Secure Loan Program. This FHA Secure Loan Program will ignore the foreclosure under the following circumstances:
- If all the homeowner's payments were on time before the rate adjusted and they are now in foreclosure because they cannot afford the new payment, then the foreclosure will be ignored. This program is not for everyone, but if your situation sounds like the one above you can get into a low fixed rate FHA loan. If not there are still options such as a short refinance or loan modification if you want to keep your home even if you are upside down. If you want to sell then a short sale may be the answer. Either way if you work with a qualified loss mitigation expert, that can help you navigate the process and determine which option will be the one for your particular needs.
Free Foreclosure Listings With Pictures
Internet foreclosure listings are a very convenient way to get the best tips on foreclosure homes, including information related to location, prices and foreclosure auctions. Potential buyers benefit greatly from foreclosure listings, because such lists give them all the information they need in one place, helping them save the time and energy they would have put into research.
Foreclosure listings include information about properties that have been used by their owners as collaterals for loans. If the borrowers miss several monthly payments, the lenders seize the properties, which become foreclosure homes. Real estate foreclosures are then sold at foreclosure auctions, and usually the prices of these properties are considerably lower than their market value. This is why real estate buyers are drawn by foreclosure homes and why the demand for foreclosure information, included in Internet foreclosure listings, is so high. Foreclosure listings available on the Internet have increased in popularity, because they are extremely convenient tools for those interested in making real estate investments.
Subscribing to a service providing foreclosure listings will keep you up-to-date with foreclosure information about the foreclosure homes in your region. You no longer have to waste your time and energy looking for tips on real estate foreclosures, because Internet foreclosure listings will give you all the information you need to know, including descriptive details about foreclosure homes of interest, owners? contact details, prices and foreclosure auctions. By searching foreclosure listings, you will get exclusive information and will certainly find the property you have been looking for at a more than reasonable price.
Locating the best foreclosure homes has never been easier, once you can access foreclosure listings. By narrowing down your search, you can get precise foreclosure information about real estate foreclosures situated in a certain geographical region, for example. A great feature of Internet foreclosure listings is that the foreclosure homes of interest to you can be listed not only according to location, but also according to type, condition, number of bedrooms and price. Foreclosure listings also provide exclusive information about foreclosure auctions and the contact details of the sellers. The owner of a property you would like to buy can be a bank, and in this case initial prices can be negotiated.
The information included in foreclosure listings is priceless for anyone who wants to invest in foreclosure homes. By accessing Internet foreclosure listings, you can find out about the most attractive real estate foreclosures in your region. The benefit of subscribing to a service providing online foreclosure listings is that you get all the foreclosure information you need about attractive properties for sale, prices and foreclosure auctions while staying at home. You no longer need to do extensive research for up-to-date information on foreclosure homes. Online real estate listings are both accurate and reliable. Moreover, they are constantly updated, so you can be sure you will get the latest tips on properties you may be interested in buying.
Foreclosure listings are extremely useful tools both for those who want to invest in foreclosure homes and for first-time buyers. Whether you are interested in real estate foreclosures because you want a home of your own, or because you want to make a profit from real estate, Internet foreclosure listings will provide you with essential foreclosure information. For first-time buyers, buying foreclosure homes at foreclosure auctions is a great advantage, because they will get a home at an affordable price. The properties included in foreclosure listings may not be in the best condition, but a first-time buyer will certainly benefit from the lower price to begin with. Repairs and improvements can be made along the way, while the initial investment will stay low.
Buying foreclosure homes is beneficial not only for people who want a house of their own, but also for real estate investors. Real estate foreclosures included in Internet foreclosure listings are sold below their market value, so those who buy such properties at foreclosure auctions will certainly make a profit when they resell. If the house is in bad condition, the buyer can make all the necessary repairs and improvements before reselling. The price of the property will immediately go up, and the money invested in reconditioning the house will be recovered manifoldly. For both first-time buyers and real estate investors, subscribing to a service providing foreclosure listings is the first step, which ensures they will get exclusive foreclosure information about properties of interest.
Both Marlon Baugh & Mannchauhan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Marlon Baugh has sinced written about articles on various topics from Chapter 13 Bankruptcy, Credit Counseling and Family. Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Commercial Mortgages. If you would like a Free Copy or to get instant ac. Marlon Baugh's top article generates over 22200 views. to your Favourites.
Mannchauhan has sinced written about articles on various topics from Debts Loans, Elearning and Foreclosure Help. For more useful tips & links, please browse for more information at our website">www.auction-entrepreneur-kit.com. Mannchauhan's top article generates over 5400 views. to your Favourites.
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