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Tag Archive loan modification

FHA Allows for Loan Modifications for Homeowners Who Haven’t Yet Missed a Payment

Welcome Back Readers!  It was a busy week last week in the real estate world, the Lancaster County PA Real Estate Market is moving quickly.  I apologize for the shortage of posts recently due to this but you can expect a little more consistency in the coming weeks.  I wanted to start of  this week with a nice change announced by HUD last Friday.

Until HUD made this change to the rules for FHA loans, in order to qualify for a loan modification, struggling homeowners had to actually MISS payments.  So, if you knew you were going to be in torouble, you had to let it happen before you were eligible for loss mitigation.  Check out the release from HUD on the details of the program.

The complete press release from HUD is after the jump

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