FHASecure helps 100,000 Americans stay in their homesMortgagePress.comHUD, refinance, avoid foreclosure, sub-prime loans, government-backed loans
U.S. Department of Housing and
Urban Development (HUD) Secretary Alphonso Jackson announced
that HUD's FHASecure product has helped 100,000 homeowners
refinance their mortgages and avoid foreclosure. Since September
2007, FHASecure has enabled tens of thousands of families, who are
current on their home loans or past due because their teaser rates
reset, to close on loans refinanced through the Federal Housing
Administration (FHA), which is backed by the full faith and credit
of the government.
The following is a statement by Jackson:
"FHASecure has helped more than 100,000 families stay in their
homes. Homeowners are cutting their monthly mortgage payments by an
average of $400 a month compared to their exotic sub-prime loans.
They no longer have anxiety about finding foreclosure notices in
their mailboxes thanks to the safe mortgage alternative that
FHASecure has given homeowners an opportunity to hold on to their
American dream, without putting their financial future at risk.
Over the past five months, FHASecure has helped about 500 families
a day close on their new government-backed loans.
Hundreds of people are taking advantage of refinancing into a
safer, more secure FHA-backed loan everyday. From September to
December 2007, FHA helped pump nearly $45 billion of much-needed
mortgage activity into the housing marketmore than $13 billion of
which was through FHASecure. FHASecure remains on pace to offer
refinancing to 300,000 families by the end of this year who are
making on-time payments or cannot afford their payments now that
their teaser rates reset."
For more information, visit www.hud.gov.