Thanks to Laura Turrittin for sending us her economic update about recent foreclosure prevention initiatives that are helping families keep their homes.
On August 31, President Bush announced several new steps to help American families keep their homes, including a new foreclosure avoidance initiative called FHASecure. Administered by HUD’s Federal Housing Administration (FHA), this mortgage insurance program is geared toward borrowers who have good credit, but who may not have made all of their payments on time because of resetting interest rates. For the first time, FHA is able to offer many of these homeowners an affordable option to refinance their existing mortgage so they can make their payments and keep their homes. (Learn more from HUD)
Submitted by Susan Hofflander
thanks for the tips! very helpful