Assistance now available for homeowners in 'imminent default'
Homeowners with FHA- insured mortgage loans who are experiencing financial hardship are now eligible for loss-mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assistance until after they had missed payments. The Helping Families Save Their Home Act of 2009 expanded the Federal Housing Authority's authority to use its loss-mitigation tools to assist FHA borrowers avoid foreclosure to include those facing "imminent default." A borrower in danger of "imminent default" is defined as an FHA borrower who is "current or less than 30 days past due on the mortgage obligation and who is experiencing a significant reduction in income or some other hardship that will prevent him or her from making the next required payment on the mortgage during the month that it is due," according to an agency news release. A "forbearance agreement" is an agreement by the loan servicer to postpone, reduce or suspend payments due on a loan for a limited and specific time period. Information: www.hud.gov
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