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Changes Announced to FHA Loan Modification Program

Crofton area homeowners facing foreclosure on their current FHA home loan may now be able to avoid it.  Even if the loan to value ratio is 125%, they could be eligible for the new FHA-Home Affordable Modification Program (FHA-HAMP) announced yesterday by Housing Secretary Donovan.

Program details and guidelines were distributed to FHA lenders and servicers yesterday, and everything should be in place to implement this by August 15.  If you’re having trouble making payments on your FHA home loan, you should contact your loan servicer or HUD’s National Servicing Center (888–297-8685) right away to determine if you will qualify for the FHA-Home Affordable Modification Program.

It’s my understanding that this program permanently reduces a family’s monthly mortgage payment through the use of a partial claim, deferring the repayment of mortgage principal through an interest-free subordinate mortgage that won’t be due until the first mortgage is paid off.  But I am neither a lender nor an accountant, so I encourage you again to contact your own mortgage service company or HUD’s National Servicing Center at 888–297–8685 to find out if you’re eligible.

This could be just the right program to save you from foreclosure, and that would be a good thing for you and your family!

More details are available at www.makinghomeaffordable.gov.

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Providing community and real estate information about the Greater Crofton Area is my way of attracting new D.C.-Baltimore area home buyers to our community while also keeping my neighbors informed and earning their real estate business.  Please click on 
Margaret Woda, Crofton REALTOR 
or call/text me at 301–346–2923 for help with your next home sale or purchase in the Greater Crofton Area.

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