Are you in default of your FHA-insured loan? Homeowners who have an FHA-insured mortgage should know about the Mortgage Assignment Program if they are in default and the lender intends to foreclose. If these conditions are present, the FHA will ask the homeowner for some pertinent information to determine eligibility.
To be eligible for this FHA program, the home in question must be the borrower’s primary residence, the homeowner must be at least three full payments behind on his mortgage, and the reason for the failure to make payments must be due to circumstances beyond the homeowner’s control, such as unemployment or illness. After the FHA has made these determinations, it will ascertain whether the payments can be resumed at the end of 36 months and accrued deficiencies will be paid back. If so, it will take over the loan.
The Veteran’s Administration also has a mortgage assistance program for people with VA mortgages.
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