|
Most borrowers facing foreclosure don't know their options Foreclosure rates in Washington State are low compared to other parts of the country with only 0.57 percent of all owners in some stage of losing their home, but for those facing foreclosure, we want to make sure you know that there are resource out there to help. More than half of delinquent homeowners don't know their lenders may offer ways to help them keep their homes, and 56 percent don't know that free counseling exists to help them. What ever you do, do not sit and wait hoping that your situation will change. You have to fight if you really want to keep your home. You should exhaust all options before considering selling your home. The Obama Administration announced on March 4, 2009 new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan – announced by President Barack Obama. The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative spillover effects of foreclosure such as lower housing prices, increased crime and higher taxes. To read further on the specifics of the "Making Home Affordable" program guidelines - http://treas.gov/press/releases/reports/modification_program_guidelines.pdf What to do when you are in trouble: 1. Call your lender and see if they can work with you. Many lenders will not make arangements unless you are at least 60 days past due. 2. Get help from a non-profit housing counselor. Here are a few: Homeownership Preservation Foundation, 888-995-HOPE (4673) HUD-Approved Counseling Agencies in Washington, 800-569-4287 NeighborWorks America's National Foreclosure Mitigation Counseling, 202-220-6313 Washington ACORN, 206-723-5845 Solid Ground's Mortgage Counseling Hotline, 206-694-6766 or 866-297-4300
Hope for those with Adjustable Rate Mortgages If you have an adjustable rate mortgage coming due or your interest rate is already too high, you owe it to yourself to look at the safe and affordable financing options provided by government-insured mortgages through the Federal Housing Administration (FHA). We provide mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily, manufactured homes and healthcare facilities. It is the largest government backed mortgage insurer.
WHAT IS FHASecure FHASecure is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe.
WHO IS ELIGIBLE So long as you are current on your mortgage and have sufficient income to make the mortgage payment, you are eligible for an FHASecure refinance. If you are delinquent, the default must have been due to the payment shock of an interest rate reset or, in the case of an Option ARM, the "recasting" of the mortgage to fully amortizing. By refinancing into a FHA-insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.
This process is completely confidential and these lenders are experienced and can help you if you are facing this situation. Michelle Swanson Robert Wolverton Main Office: 425-776-1450 Main Office: 425-418-3233 mswanson@metrocitiesmtg.com robert@cobaltmortgage.com Washington Metro Mortgage Colbalt Mortgage
|