Yesterday it was announced that HUD was mailing out 280,000 letters urging people to look into FHA Mortgage Refinancing options such as the FHA Secure mortgage program.

This is just one more sign that FHA is committed to the FHA Secure Mortgage program and trying everything it can to make it an effective FHA refinancing option for many at-risk borrowers who may not qualify for any other FHA refinance options.  It has been mentioned in the press that the FHA Secure program has not been an effective FHA refinance option because too few people are able to qualify for it and are instead looking into other FHA refinancing options.

In a press release, HUD officials HUD officials said the first round of 280,000 letters was sent this week with another 570,000 letters to be sent through September 2008.

“For hundreds of thousands of families, this letter might be the most important piece of mail they receive all year,” said HUD Secretary Alphonso Jackson. “Not only could this information keep a roof over their heads, it could provide them with financial sustainability and security for the long term. Our aggressive outreach will ensure families are educated about the safe mortgage alternative that FHA refinancing programs offer.”

Letters are being sent to homeowners who have already faced or are experiencing the first reset of their adjustable rate mortgages, Jackson said, and live within geographic locations that are currently subject to FHA refinancing loan limits nationwide.

FHA loan limits are set to raise with legislation passed by Congress last week that will see FHA loan limits temporarily lifted from their current maximum of $362,790 to a new maximum of $729,750. President Bush is expected to sign the bill into law this week.

Contents of the letter according to the press release:

Dear Homeowner,

Do you need help with your mortgage?

Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months. News reports cite the damaging effects of “subprime loans” as a major factor in the unsettled market. By focusing on education and safe mortgage alternatives, though, the Federal Housing Administration (FHA) of the United States Department of Housing and Urban Development (HUD) is working diligently to address this unacceptable foreclosure trend.

Over the past few months, FHA has worked with mortgage loan servicers to identify solutions for the crisis facing current homeowners. Your current mortgage does not have to be FHA insured for you to benefit from our help. If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us at 1-800-CALL-FHA or to visit www.fha.gov. There you will have the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.

Many homeowners may also be able to take advantage of our recently announced FHA Secure program. This new program allows eligible homeowners to refinance into a secure, fixed-rate FHA loan even if they are in default.

Additionally, a new partnership between mortgage companies and non-profit housing counselors called HOPE NOW is available to you. Their mission is simple: reach out to homeowners who may be having difficulty paying their mortgages. For more information or to see if your mortgage company is a member of this caring coalition please go to www.hopenow.com.

Again, please contact us at 1-800-CALL-FHA (800-225-5342) or go to www.fha.gov. As part of the federal government, the Federal Housing Administration wants to help you protect and preserve the American dream - your home.

Sincerely,

Brian Montgomery
Assistant Secretary for Housing-Federal Housing Commissioner

Have you received one of these FHA Secure mailers?  Are you interested to see if you can qualify for FHA Secure or any other of the FHA refinancing options?  Are you wondering how the FHA Refinance mortgage programs work? Call me and I can help you with your options.

1. Foreclosure tools Says:
   February 27th, 2008 at 1:08 am

   Foreclosure tools

   When you’re surfing for mortgage default services information and material, be certain to tap into everyone of the sources at your disposal.



2. FHA Secure Mortgage -- Information Related To The New FHA Secure Mortgage Program Says:
   June 21st, 2008 at 9:12 am

   […] in February, I reported that HUD had begun mailing 280,000 mailers to homeowners urging them to look at the FHA Secure Mortgage program and […]



3. HUD to Mail Out 675,000 Mailers to At-Risk Homeowners : Arizona Mortgage Team :: Arizona. Mortgage. Experts. Says:
   June 21st, 2008 at 9:30 am

   […] The 675,000 mailers being sent out are a follow up to 280,000 mailers that were sent in February. […]