More Helpful Info

The FHA has announced that it will introduce a program of FHA-insured mortgages beginning September 7 to slow foreclosures further. Available to homeowners who have loans that are not currently FHA-insured, these should help further stem the REO tide. Basically, they will be made available to homeowners who are still current on their mortgage payments, but whose home value is less than the mortgage still owed. One further condition is that the existing lender has to agree to write of 10% of the current principal balance. Check with your lenders or directly with the FHA for more info. Good luck!