Saturday February 6 2010
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FHA to help homeowners before they get in trouble
The Federal Housing Administration has announced a new plan that may allow borrowers to seek relief even if they haven’t missed a mortgage payment yet.
There are three criteria under which you can request assistance. The first is job loss. The second is a dramatic reduction in income, while the third is defined as a “life change,” however amorphous that may be.
Remember, you can only petition for relief from the FHA if you have an FHA loan. You may receive either a reduced interest rate or a temporary moratorium on payments.
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