Starting today, September 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage. This is an effort to help responsible homeowners who owe more on their mortgage than the market value of their property giving them additional refinancing options.
There is also a new website called “Know Your Options” which gives borrowers, who are having trouble making their mortgage payments, the resources to do exactly that – know their options.
Click below to view the flyer from Fannie Mae which contains a link to this new site.
Definitely gets a ’2 thumbs up’!!!
sharonriegert
