I have spent
the last couple of months telling everyone
who would listen that the new FHA Secure
program would provide much needed relief for
many Connecticut homeowners. For the most
part it has offered some relief from the
rising adjustable rate mortgage payments,
but many home owners who have fallen behind
on their home mortgage and are possibly
facing foreclosure need more help. The
biggest benefit of the FHA Secure program is
that the program allows delinquent home
owners to refinance their Adjustable Rate
Mortgages. Prior to the FHA Secure program
FHA did not look favorably upon delinquent
homeowners.
There is no doubt that all of the adjustable
rate mortgages may have caused thousands of
Connecticut homeowners to become delinquent
on their mortgage payments. It can also be
argued that adjusting mortgages have lead to
the record foreclosure rates all over the
nation. The great feature about the new FHA
Secure program is that homeowners will be
able to refinance regardless of having
previous delinquencies if the homeowners can
prove that the late mortgage payments were
caused by an increasing adjusting mortgage
payment.
Connecticut homeowners can get qualified for
the FHA Secure loans at the normal banks and
lenders that you normally would get a
mortgage. The FHA Secure program will
provide mortgages at the current market rate
and as can be expected will be insured by
FHA. The FHA Secure mortgage will have to
meet standard FHA underwriting guidelines
and will require the traditional FHA
appraisal. According to the new program
guidelines homeowners will be eligible to
refinance up to 97.75% of the total
appraised value of their home. Additionally,
there will be mortgage insurance as there is
with any FHA mortgage program that is
calculated based on the risk of the overall
loan applicants.
Conclusion
Are you one
of the many that suffer from insurmountable
debt and wonder if bankruptcy is an option?
Give us a call at (203) 924-6700 or
contact us.
Gary L. Seymour
Seymour Law Firm, LLC
215 Coram Avenue
Shelton, Connecticut (Ct)
203-924-6700
801-618-4472-efax (direct to
email)
gseymour@ctlawsw.com
