A glimpse back in history at the cancelled FHA Secure program and why the Frequently Asked Questions were revised. Today, it is is replaced by Making Home Affordable, an official program of the US Treasury Department and US Housing and Urban Development (HUD).
The prior policy behind this FHA Secure 2009 update is hard to fathom:
These FAQs have been modified to reflect that the term FHA Secure applies to all conventional to FHA refinance transactions. The previous edition of FAQs indicated that only those borrowers who were delinquent due to the reset of their non-FHA ARMs were eligible for FHA Secure, causing confusion in the industry. -- U.S. Department of Housing and Urban Development
Note that FHA, the Federal Housing Administration, was clarifying that being current on mortgage payments did NOT disqualify homeowners from utilizing FHA Secure, designed to aid those facing foreclosure.
Sadly, it was too late for many homeowners who went delinquent on monthly house payments and, in turn, were still disqualified from the program.
Although FHA Secure was deemed a failure, it paved the way for the Making Home Affordable Program which has helped thousands of homeowners.
Haven't found what you're looking for? Here's the solution! Go ahead and Ask Kate for answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please tell your friends about Looking Back At FHA Secure Revised FAQ. I hope you'll come back and visit often.
Aug 11, 16 10:49 AM
Aug 11, 16 10:18 AM