FHA leads the way in mortgage defaults nationwide!
FHA has been pushing some wild Covid era mortgage workouts for the last few years. Between 40 year loan modifications, endless forbearance offers and HUD partial claims, the "help"just hasn't stopped coming....but now its time to pay the price.
The downside of participating in lender workout offers is usually the loss of all your equity. After all, there are only so many ways to rewrite bad debt, especially in a rising rate situation. Eventually the payments need to be made again, and FHA has run out of workouts to offer.
Mortgage defaults are on the rise again, and FHA leads the pack:
The problem, specifically with FHA loans, is that these loans have the least amount of equity, especially for anyone who has in fact participated in any FHA loan workout.
Sadly these folks almost never have the equity to sell traditionally, and therefore need to pursue a short sale. Thankfully FHA is currently also offering a streamline Covid 19 short sale, so getting a short sale done with FHA is easier than it's ever been before.
If you're in danger of losing your home, take action quickly!
Once the foreclosure process has started with the courts, everything becomes a little more difficult and time sensitive. Once you've run out of workout options to stay in the home, it's time to talk to an experienced short sale Realtor to discuss a sale of the home.
Need help with your FHA short sale?
We can help!
Minna and her team did a excellent job in helping us short sale our home she was very kind, honest and up front about the process A+++ communication, service and knowledgeable highly recommended if you need a realtor!
J.M.
Last Updated on August 21, 2024 by Minna Reid