July 9, 2020

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Articles Tagged With: Foreclosure

FHA and HUD Announce Even More Home Loan Relief Options For Qualifying Home Owners

FHA and HUD Announce Even More Home Loan Relief Options For Qualifying Home Owners

Millions of home owners were affected by a loss of income and employment at the start of the COVID-19 outbreak in America. And there was a lot of money on the table in the form of mortgage relief and stimulus payments, but what happens when the stimulus money is gone and the borrower gets to the end of a home loan forbearance period? The FHA and HUD have announced extended relief for FHA borrowers -relief specifically designed to help those who applied for FHA loan forbearance. A press release titled, “FHA Expands Home Retention Measures For Homeowners Financially Impacted By Covid-19” announces the measures, which are meant to help home owners bring their mortgage up to date at the end of the loan forbearance period. As of July 8, 2020, | more...

 
HUD Announces New Mortgage Relief Options For FHA Borrowers Affected By COVID-19

FHA And HUD Announce Extended Foreclosure Relief

Are you a homeowner with an FHA loan worried about your mortgage during the coronavirus pandemic? If so, you aren’t alone. Coronavirus outbreak containment policies–lockdowns, quarantines, and other necessary measures, have brought with them economic hardship from many Americans; loss of income creates and questions about future earnings can result in late and missed mortgage payments, increasing the risk of foreclosure. But during the pandemic, federal relief measures were drafted to help–and the FHA/HUD is no exception, requiring participating lenders to delay initiating or continuing foreclosures during the crisis. Now, the Department of Housing and Urban Development and the Federal Housing Administration have issued an extension (actually the second extension since the crisis began) of the foreclosure moratorium announced in March. The Old Deadline Wasn’t Sufficient The HUD official site | more...

 
Mortgage Relief Scams To Avoid

Protect Your FHA Home Loan From Foreclosure

The federal government has offered a variety of economic stimulus programs to help those affected by COVID-19 and the coronavirus emergency. FHA, VA, and USDA lenders have been given updated instructions to help borrowers avoid loan default and foreclosure. Those instructions include a temporary foreclosure moratorium and options to help borrowers stay in their homes through loan modification and loan forbearance. Such alterations to the mortgage are designed to help borrowers avoid falling behind or falling farther behind on their mortgages. But what happens after these measures? FHA has announced something known as the COVID-19 National Emergency Partial Claim, described by an FHA/HUD press release as “an option to be used by servicers” once the COVID-19 FHA loan forbearance period concludes. Borrowers who have trouble paying their mortgages during COVID-19 | more...

 
HUD Advice For Saving Your Home During The Coronavirus

HUD Advice For Saving Your Home During The Coronavirus

Are you worried about protecting your home from foreclosure during the coronavirus outbreak? The FHA and HUD official site now features a section dedicated to consumers who need advice about foreclosure avoidance, what to do if they fall behind on mortgage payments, and other advice for dealing with FHA mortgages, reverse mortgages, and FHA refinance loans during the coronavirus pandemic. FHA lenders have been asked by the Department of Housing and Urban Development, ”to use reasonable judgment” when trying to decide who is legitimately affected by coronavirus-related job loss and income interruption for the purpose of evaluating the loan. There is a real danger in this difficult time that FHA borrowers could lose their homes if there are missed payments, loan default, etc. The potential risks to a home in | more...

 
Common Questions About COVID-19 Mortgage Relief For FHA Borrowers

Don’t Fall Victim To Mortgage Default And Foreclosure During The Coronavirus

Are you worried about losing your home during the financial trouble caused by COVID-19 and the global coronavirus outbreak? There are some important steps you can take to save your home and avoid foreclosure. FHA borrowers should know that the FHA and HUD have issued a 60-day moratorium for eviction and foreclosure action associated with FHA mortgages. But that is a TEMPORARY delay and borrowers should not expect to avoid foreclosure without making arrangements with their lender. If you are in trouble with your mortgage, there are important steps you can take to avoid foreclosure after the 60-day delay in FHA loan foreclosure action has expired. What are they? Contact your lender as soon as you know you are having financial trouble. Make arrangements with your loan officer and see | more...

 
How To Avoid Foreclosure During The Coronavirus

How To Avoid Foreclosure During The Coronavirus

Are you afraid of losing your home due to diminished income or a lack of income related to closures, furloughs, and layoffs due to coronavirus prevention? The global pandemic caused by the coronavirus has created major financial problems and governments worldwide struggle to control the damage. Mortgage rates have fluctuated wildly between incredible lows and one-year highs, the Fed has made emergency interest rate cuts, and hundreds of companies have been forced to endure waves of closures or reduced hours. Affording your mortgage payment in times like these is difficult; it’s easy to fall behind on your financial obligations. Do you know what to do if you are in danger of being late or missing a mortgage payment on your FHA home loan? Act Now To Avoid More Financial Damage | more...

 
HUD Begins Foreclosure Relief For FHA Borrowers Affected By The Coronavirus Outbreak

HUD Begins Foreclosure Relief For FHA Borrowers Affected By The Coronavirus Outbreak

The Department of Housing and Urban Development is providing FHA borrowers a 60-day foreclosure moratorium described as “immediate relief” for those who may be struggling to make FHA mortgage loan payments during the health crisis. Details From HUD The HUD official site has published details of the HUD-mandated moratorium on all foreclosures on FHA Single-Family home loans and Reverse Mortgages, a move similar to what happens to borrowers in federally-declared disaster areas after a natural disaster such as a hurricane, flood, forest fire, landslide, etc. FHA Mortgage Foreclosure Evictions Also Suspended The HUD foreclosure moratorium announcement includes a suspension of evictions related to those foreclosures, also for sixty days. The eviction process suspension is a critical part of foreclosure relief for some borrowers. The HUD official site’s press release addresses | more...

 
First Time Home Buyers: Improve Your Credit With Credit Monitoring

Can I Buy A Home With An FHA Mortgage After Foreclosure?

After a major negative credit event like a foreclosure, some home owners assume they may never be able to get a lender to take them seriously for a home loan ever again. Is this true? At first glance, FHA home loan rules in HUD 4000.1 might lead a potential borrower to think that it is. “A Borrower is generally not eligible for a new FHA-insured Mortgage if the Borrower had a foreclosure or a DIL of foreclosure in the three-year period prior to the date of case number assignment.” The abberviation DIL stands for deed-in-lieu of foreclosure. Note that the above does NOT say the borrower can NEVER get a home loan again. There is a three-year waiting period required but it IS possible. And later in HUD 4000.1, we | more...

 
Happy Columbus Day 2019

Can I Get An FHA Home Loan After Foreclosure?

Can I get an FHA loan after foreclosure? This is a question that comes up quite often. The answer depends on a variety of factors including the date that the foreclosed property was transferred out of the borrower’s name. The FHA loan handbook, HUD 4000.1, states that the FHA minimum requirements for getting a new loan following a foreclosure include a waiting period. This period, often called a “seasoning period” or “seasoning requirement” is normally three years. From HUD 4000.1: “A Borrower is generally not eligible for a new FHA-insured Mortgage if the Borrower had a foreclosure or a Deed-In-Lieu of foreclosure in the three-year period prior to the date of case number assignment.” The next line in that section is a crucial one: “This three-year period begins on the | more...

 

FHA Loans Following Short Sale Or Foreclosure

Hands down, some of the most-asked questions we get in our comments section involve the FHA loan rules for borrowers who have a short sale or foreclosure on their credit record. It’s easy to assume that a new home loan isn’t possible after a short sale or foreclosure, but is this true? There are several factors that can determine whether a borrower is able to get a new loan or not under such circumstances, and it’s very important to remember that your credit activity, state law, lender standards, and your FICO scores will all play a role in whether a new loan can be approved or not. FHA loan rules often set benchmarks in this area but don’t have the final word when state law or lender standards also come | more...