1. The FHA Modernization Act of 2007 was recently passed today by the Senate authorizes lenders to help borrowers who are in default.

a. lower down payments

b. Allow FHA to insure bigger loans

3. Allow FHA more pricing flexibility

Increased loan limits would also help people living in high-cost areas; current FHA limits make the program unusable for expensive areas.

2. FHASecure: FHASecure is designed for families who are good borrowers but were steered into high-cost loans with teaser rates. A HUD program program designed to provide borrowers with strong credit histories with the ability to qualify and secure new mortgages. In the first 4 months of the program, FHASecure will have helped 53,000 families and received more than 127,000 refinance applications from families whose loans are current or past due. They can be reached at 1-800-CALL-FHA

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;

2. Interest rates must have or will reset between June 2005 and December 2008;

3. Three percent cash or equity in the home;

4. A sustained history of employment; and

5. Sufficient income to make the mortgage payment.

3. Hope Now - An alliance between counselors, servicers, investors, and other mortgage market participants to help them stay in their homes and create a coordinated plan to reach and help as many homeowners as possible. The approach here is to help people in distress by providing information and alternatives to the foreclosure process before the reset period. This is preventative medicine and a work in progress. Much more needs to be done and the alliance is continuing to develop programs. But this is America, and a deal is a deal. I dont think we will see a big bailout of homeowners that simply stretched too far.

Mortgage Company Private Initiatives: Mortgage companies are creating a fast-track program that would freeze the interest rate at the introductory rate for five years for existing ARM's. According to the Wall Street Journal some borrowers who don't qualify for fast-track may be able to refinance into a new mortgage, with a good credit score and equity in their home. Those that wont qualify for the fast track and do not get help on an individual basis may be able to refinance into Federal Housing Administration loans or other mortgage programs.

Other Helpful Links for Counseling Information:

NeighborWorks America: Homeownership Preservation Foundation: http://www.995hope.org/

Through our 888-995-HOPE hot line, the Homeownership Preservation Foundation has a single mission: to help homeowners avoid foreclosure. We are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners.

MyMoneyManagement

Thanks for Reading

Howard Bell

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