Watch Your Mail
February 22, 2008
I know that I receive a lot of "junk" mail. Lenders still offering refinancing, equity loans and money saving rates send letters almost daily. I routinely throw these letters away without even opening them. However, if you happen to be a recipient of a letter from the Department of Housing and Urban Development, it could contain useful and important information; especially if you are a homeowner with an adjustable-rate mortgage that has already adjusted higher or that soon will.
HUD has announced a mailing of 850,000 letters nationwide with approximately 55,000 being sent to Califronia homeowners. The letter encourages residential homeowners to refinance with government insured FHA loans. Presently the maximum FHA loan amount is $362,790 which is an amount that could fit borrowers in the Riverside/San Bernardino market area.
This is one more step that the government is advancing to aid homeowners to remain in their homes. If you are delinquent in your payments and that delinquency is related to a rate reset or a recasting of yur mortgage, you could be eligible for this program.
I suspect that, like many of the government attempts to reduce the financial liabilities of homeowners, this could only assist a small portion of the huge number of folks who overborrowed. However, it is important to check out these programs to determine if the program will provide assistance to you.
I know that I receive a lot of "junk" mail. Lenders still offering refinancing, equity loans and money saving rates send letters almost daily. I routinely throw these letters away without even opening them. However, if you happen to be a recipient of a letter from the Department of Housing and Urban Development, it could contain useful and important information; especially if you are a homeowner with an adjustable-rate mortgage that has already adjusted higher or that soon will.
HUD has announced a mailing of 850,000 letters nationwide with approximately 55,000 being sent to Califronia homeowners. The letter encourages residential homeowners to refinance with government insured FHA loans. Presently the maximum FHA loan amount is $362,790 which is an amount that could fit borrowers in the Riverside/San Bernardino market area.
This is one more step that the government is advancing to aid homeowners to remain in their homes. If you are delinquent in your payments and that delinquency is related to a rate reset or a recasting of yur mortgage, you could be eligible for this program.
I suspect that, like many of the government attempts to reduce the financial liabilities of homeowners, this could only assist a small portion of the huge number of folks who overborrowed. However, it is important to check out these programs to determine if the program will provide assistance to you.
posted by shirley harry at 8:34 AM
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