If your mortgage is insured by the Federal Housing Administration (FHA) and you're struggling to keep your home, there's some good news that the FHA recently announced.
The FHA, which is part of the Department of Housing and Urban Development (HUD), announced “new procedures to strengthen the process mortgage servicers use to help struggling families avoid foreclosure and remain in their homes.”
FHA is accomplishing this by “streamlining its loss mitigation protocols that servicers must use when evaluating and deploying 'home retention options,' foreclosure alternatives that allow delinquent borrowers to retain their home.”
