FHA to Provide Foreclosure Prevention to Detroit Area

According to HUD, action is being taken to create a means for lenders to assign their non-performing FHA-insured mortgages to HUD and a join venture partner that specializes in keeping families who are at risk of foreclosure to keep their homes. By doing this, HUD also aims to reduce the number of additional properties that are becoming vacant. This program will allow FHA lenders to submit an insurance claim with the FHA when the borrowers are in default, instead of waiting for foreclosure, and then to assign the mortgage instead of turning the vacated hope over to HUD.

For the complete details, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-101.cfm