To begin with, this new program is called the FHA Payment Supplement Program. Homeowner that are getting behind on their house payments and facing foreclosure may find help with this program. However, this program only applies to homeowners with an FHA insured loan.
FHA Payment Supplement Program
Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2024-02, Payment Supplement. This FHA Payment Supplement Program falls under the loss mitigation home retention solution designed to help borrowers avoid foreclosure and retain their homes when other FHA home retention options are unable to generate a sustainable monthly mortgage payment reduction.
The Mortgagee Letter (ML) 2024-02 Defines FHA Payment Supplement Program
Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2024-02, Payment Supplement. Before, homeowners having trouble making payments didn’t have many options. Until now, this letter establishes the FHA’s new Payment Supplement loss mitigation home retention solution. Until now its designed to help additional borrowers avoid foreclosure. Lastly, homeowners retain their homes when other FHA home retention options are unable to generate a sustainable monthly mortgage payment reduction.
Purpose of FHA Payment Supplement Program
In the first place, The Payment Supplement will allows servicers, which is your bank, to bring your mortgage current. Second, it will temporarily reduce the principal portion of their monthly mortgage payment for a term of three years without modifying the mortgage. Third is the best part. Four, The Payment Supplement is only repaid when the borrower sells or refinances the home, or the mortgage is otherwise payed off.
Nevada Foreclosure Timeline Chart
Earlier with the introduction of the Foreclosure Timeline, it became easier for Randy to educate homeowner on the process of foreclosure. After awhile, his expertise was recognized by many. Soon it became apparent there was a need for some kind of tool to assist homeowners in distress. As a result, local media began to take notice. In this case, several articles were written regarding the home foreclosure process. See example of articles written about Randy and what he can do for you. In short, countless homeowners over the years avoided foreclosure. To summarize, he can help you too.
Alternatives to Nevada Foreclosure
First and foremost, you as a homeowner do have the opportunity to correct this action. Thereby, you must act immediately. 120 days goes by fast. Under ordinary circumstances you have no time to waste.
First thing I would suggest is contact your lender again. They will ask you all sorts of questions. That’s what they do. Next, ask nicely to be transferred to their loss litigation department. They will know exactly what you need and want. Call, email, what ever it takes. You want to open a file immediately.
Most Importantly: Start your own Communication Log. Nothing fancy but document EVERYTHING…
If they ask, “Are you working with a Real Estate Agents”, say yes and call me immediately.
Assistance Is Just A Call Away
With everything going on in your life right now, I can help. Call, Text or Email anytime.
The CLOCK it TICKING!
To summarize, the information on this page is not complete. In brief, you are encourage to do your own research into the process of Nevada Foreclosure Timeline. In short, all the information I have given to you here is a summary and for reference only. Above all, I am not offering any legal advise. My personal experience are my own, your situation will be different.
Questions?
Ask your question here or text to 702-645-1551 or email: Randy@RandyBridges.com
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