"FHA SECURE" Could help Tooele County
A new FHA program designed to help families caught in the current mortgage debacle stay in their home is a very good deal for Tooele County Home Owners. It not only helps Utah families avoid foreclosure, but helps bring stability to Tooele Real Estate and creates liquidity in the Home Mortgage Market so that there is more money to lend people for houses. Seems like it helps the people that deserve it, and lets gamblers face the music. Seems right to me.
"FHA SECURE" is not an across the board bailout for everyone having difficulty paying their debts, but a program directed towards helping families that were steered into high cost loans with "teaser rates", and are now or will have difficulty making the mortgage payment when the rate adjusts.
While it's difficult for any plan to tell the difference between Home -Owners that were abused and those that were careless, this program does know that both are different than the "Investor" that made a poor decision & now wants someone to give the money back.
Basically to be eligible, home owners need to meet the following criteria.
1. History of on time payments before loan re-set.
2. Interest rates must have or will have re-set between June 2005
and Dec. 2009.
3. Equity must be @ least 3%.
4. History of continual employment.
5. Make enough money to make payment.
I encourage anyone in the middle of or facing a mortgage that is going bonkers, read more about this program and how it will help your community, go to FHA Secure.
Good Luck, if we can be of any help please call... 435-840-5029.