Friday, September 26, 2008

Short Refinance through FHA

The short refinance through FHA is picking up steam in the blogosphere. There are a number of reasons for this refinancing activity increase through FHA. For one, the short refinance is simpler than a long refinance from a time perspective. Forget that, that wasn't what I meant. Let me explain what short means in terms of FHA refinance short loans.

Short FHA Refinance is better explained on one of these other blog posts. The FHA short refinance is about a short payoff amount and the Hope For Homeowners program is hopefully going to encourage lenders to shorten the payoff amounts for FHA refinances in the near future.

Short FHA Refinance

Saturday, September 13, 2008

Hope For Homeowners

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has previously stated his intention to introduce legislation that will create a new program within the Federal Housing Administration (FHA) to provide aid to distressed borrowers currently trapped in mortgages they cannot afford.

“This is the worst housing crisis of our lifetime, and we’re in a recession as a result of it,” said Dodd. “The question is, how deep is this going to go? How long-lasting will it be? We need to move aggressively – cautiously, prudently, and thoughtfully – but aggressively, in order to regain our financial footing and ensure a crisis of this magnitude does not occur again.

Under the “HOPE for Homeowners Act of 2008," new mortgages that are offered by FHA-approved lenders will refinance abusive loans at a significant discount for homeowners facing difficulty meeting their mortgage payments.

FHA's Avoid Foreclosure Program is Hope For Homeowners. The PDF version of the Hope for Homeowner's Act is easilly readable in the formatted edition.