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 April 15, 2007

National Association of Realtors want Revamp of FHA Rules
The NAR, in response to the recent rise of foreclosures are encouraging swift actions to change the FHA mortgage insurance program. NAR believes change is needed to help families avoid foreclosure in the future.
The NAR wants to see one change in particular; currently a home owner's mortgage must current and not delinquent in order to apply for refinancing into an FHA loan. The problem lies with adjustable rate mortgages. Many homeowners that were able to make monthly payments in the past are now having difficulty with their payments following recent rate adjustments. If home owners that are finding they are getting into trouble were given the opportunity to refinance with an FHA product and try to avoid foreclosure.

The move for change is gaining support form lenders in an attempt to avoid future foreclosure expenses.

The NAR also wants to see an increase in public awareness regarding the dangers of foreclosure and the need to be educated as to which mortgage is right for your individual financial situation. The public needs to be more educated with regards to existing FHA programs.

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