The FHA Wants To Help Reduce Foreclosures

From Boston.com:

Struggling homeowners now have one more alternative to help them avoid foreclosure and remain in their homes, the US Department of Housing and Urban Development announced today.

HUD Secretary Steve Preston unveiled the so-called Hope for Homeowners plan that aims to help distressed homeowners refinance into 30-year-fixed mortgages with the backing of the Federal Housing Administration. The program was authorized by Congress this summer in legislation to address problems with the nation’s housing market.

The measure targets struggling borrowers whose homes are now worth less than the outstanding amount of their mortgages and would otherwise not be able to refinance into more affordable loans.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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