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whitetail187 · Joined: 29 Jul 2008 Posts: 2 2.21 Dollars($)

I am in the situation of being one payment behind since about November on my mortgage payment. I have called a couple banks trying to utilize the fha secure expansion program, but nobody seems to know what I'm talking about. My credit keeps getting worse because everything is going to my mortgage payment. I have about 26,000 in equity on a 156,000 home. I hear that my credit score needs to good in order to get an fha loan. I wouldn't have thetype of loan that I do if I had a good credit score. about 50% of our earnings are spent every month on this payment and about 60.00 goes to principle. any suggestions would help greatly

adonis · Posted: Tue Jul 29, 2008 9:37 pm Post subject:

Welcome whitetail,

I suppose you're not delinquent yet and that's the reason the banks are not responding. Why don't you contact your lender for some other option like an alternative payment plan or a loan modification.

Guest

I believe you have to have 12 months of on time payments to qualify for a FHA insured loan. Some place are also requiring a 585-600 credit score.

Good Luck..

Guest

it looks like they've got everything in place to help those who don't need help. Some would say it's my own fault for taking the loan. Well it is, but I would do it again to get my kids out the neighborhood we were in.
If you ask me they should have two different credit scores one secured and one unsecured. generally people will make the payments on something that they would lose. It just really makes me angry that we put more than half our salary into making a loan payment but nobody will trust us paying a much smaller payment(lower interest rate). It all seems kinda backwards to me. As you can probably tell I don't have alot of experience in this area and it's costing me dearly. Somebody said something about a HOPE line if anybody has any info on this please let me know

Guest

Hello.

If you are behind your payments and cannot afford the mortgage payments, you can get help with the new Housing Bill and refinance the mortgage in FRM with FHA insured loan. Contact a FHA approved lender.

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