FHA Loan in Default? Read This!

If you have an FHA loan that is in default, you may have heard that the federal government launched a program in August to help you since other government programs excluded FHA loans.

Before you get your hopes up, read this article.  It boldly says this program will only help 45,000 of the approx. 850,000 FHA loans that are in default. Those odds are not very good that the program can help you (about 5%). This “success rate” is about the same as lenders helping borrowers on their own (without the government’s help) through the lenders’ own “loan modification” programs.

Fortunately for you, the odds that we can help you if you are facing a Michigan Foreclosure (regardless of the type of loan) are much higher. Still, we cannot help everyone and the earlier you call us in the foreclosure process, the better the chances we can help you. Give our team a call and see what we can do to help you get back to better times.

Ann

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