SOURCE: Mortgage News Feed
If you have a mortgage with the Federal Housing Administration (FHA), and have missed payments because of a hardship or are at risk of foreclosure, there are options available to help you save your home. One of these options is called the FHA HAMP Loan Modification Program. It is important you know that FHA had recently changed their loan workout guidelines. In this article I will list these changes so you can become educated on the current process and conditions when applying for FHA loan modification. A loan modification is when your lender works with you in modifying your current mortgage to a more affordable payment structure.
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Each week we post articles on FHA/VA Government news topics, ranging from FHA Direct Endorsement Underwriters, to current FHA underwriting guidelines, to new FHA rules/regulations, FHA compliance, FHA lending requirements and much more! PLEASE NOTE: We are NOT owned, operated or affiliated with HUD, FHA or the Federal Government in any way.