Has anyone closed on an FHA “Secured” refinance?
Written By: admin on June 25, 2009
One Comment
When you refinanced, how far underneath was your value? Please tell me about how far behind you were on payments. How was it negotiating the small payoff? Which lender(s)?
For the 1st answerer. This came from the website you referenced. "The expansion will also encourage lenders to voluntarily write down outstanding subprime mortgage principal." This is the "small payoff" I am referring to.
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Tags: FHA Secure, lenders, mortgage principal, subprime mortgage
I reckon you are confused. FHA secure is to get you out of an arm mortgage. Its not set up to do a small sell or pay off less then you owe. That has been passed by the senate and its at the house. They how to have a FHA program that will do what you are talking about. Right now there isnt a program that you are talking about.
The bill they are passing they want to go into effect immediately. Nobody is sure if bush will sign it, but they have the votes to overwrite his veto. Excellent Luck.
http://www.fhasecure.gov