| Worried about loosing a home to foreclosure? After | | | | people in enough financial trouble to already have late |
| the housing crash, many people got stuck with | | | | or unpaid mortgage payments, people who are still |
| mortgages they could no longer afford. For anyone | | | | current on their bills can qualify too. There is a |
| who is struggling to keep up with rising mortgage | | | | screening process to go through in order to qualify for |
| payments or missing payments already, finding a way | | | | one of these bailout loans, but for people who meet |
| to avoid foreclosure can be a pressing concern. The | | | | the criteria they can be a great way to avoid |
| Federal Housing Authority mortgage modification plan | | | | foreclosure. |
| is one great way for a family on the brink of loosing | | | | What Will It Change? |
| their home to the bank to get the help they need in | | | | The goal of the Federal Housing Authority mortgage |
| order to keep it. Read on for information about how to | | | | refinancing option is to help homeowners saddled with |
| qualify and why to apply for an FHA bailout | | | | out of control bank loans on their homes get the |
| modification. | | | | money owed per month back down to a reasonable |
| Qualifying | | | | level. The FHA will try to help homeowners get an |
| To get FHA loan help, a homeowner needs to apply | | | | equitable loan arrangement where they are no longer |
| for aid for a home they actually live in, and owe a | | | | paying a large percentage of their gross income |
| principle of less than a little bit over $700,000. That | | | | toward keeping a home. With these loans, |
| amount does not include interest, which may make | | | | homeowners stuck with high or variable interest |
| someone's actual amount of money owed much | | | | mortgages can get out of trouble before it is too late. |
| higher. The home can't have more than four units, and | | | | With an FHA mortgage loan modification, many people |
| any amount of money owed in a second mortgage | | | | who may otherwise face loosing their homes will have |
| won't count against the total. | | | | a chance to keep them. If a homeowner is stuck |
| The FHA program is designed for people saddled with | | | | paying too much money on an expensive home they |
| loans they cannot afford, so people need to be paying | | | | can no longer afford, a government loan may be the |
| more than 31% of their gross monthly income to | | | | perfect way to avoid foreclosure. |
| qualify. While this program is primarily designed for | | | | |