If the title hits close to home than you need to know that there is an option out there that you may be missing. The Federal Government put together a loan program to help people with this exact scenario but of course you need to meet the exact criteria. Here is some additional information about this FHA loan program:

This loan is ONLY available to those who currently have a non-FHA adjustable rate mortgage (ARM) and you MUST be behind or missing your payments. If you are not delinquent or behind then you have another options but different criteria apply.

Most importantly, your late payments must be due to the mortgage interest rate adjustment. The six months leading up to the adjustment month should show payments being made on time.
This loan is a way to STOP FORECLOSURE and can be done at anytime before the house is taken away. The loan can pay for all foreclosure fees.

Your home can be upside down BUT must have a second mortgage or line of credit. Certain rules apply to second mortgages; most importantly to include the payoff of your second in the new first mortgage, the second loan must have been part of the purchase loan transaction and not afterwards to be included. If you open a second after your home purchase then you fall under a different set of rules.

The first mortgage has to be 95% or less of the homes current value and the second mortgage can have any balance.

Borrower can have up to $500 cash back as a result of the refinance but rules apply.
This loan program is only available to those borrowers who can verify their income. If you did a stated income or no doc loan previously then chances are you may not qualify. That said different rule apply and we may have alternate solutions for using your verifiable income to qualify.
Golden rule! Your first loan must equal no more than 95% of the value of your home or you will not qualify. That will mean that the fees and the any interest owed will have to fit into this payoff amount.

These eight points will give you a general idea but I'm sure there will be several of you that need additional assistance to determine if you qualify for this loan. If you read through these and find you don't qualify for this, contact me anyway there are other options. I am just glad that there is something out there that can actually help some people who need help because they are either behind in their mortgage payments or they could be facing Foreclosure.

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