If I am 4 months behind in my mortgage, will my FHA loan be of help and paying the unpaid payments?
I have an FHA loan on a mortgage that is 33 years old. During that time, I have missed 4 payments. Will FHA help me to bring the loan payments up to date?
Excuse my math! The loan is 27 years old rather than 33. Thanks to everyone for your advice. Most of the answers have been very helpful.
nope, not 27, the winning number is 23.
Sorry about that, I am just nervous about this whole situation.
- loanmasteroneLv 71 decade agoFavorite Answer
A FHA loan for 33 years, at some time did you refinance your home? FHA is not in the business of assisting those that are behind in their mortgage.FHA only insure the mortgage with the lender. FHA will pay the lender in the case of the home owner not making the monthly mortgage payments thus a foreclosure is necessary.
If you are having financial difficulties you should contact your lender immediately.They might have a program that might assist you in this financial difficult time you are having. The main thing at this point is communicating with your mortgage lender.
I hope this has been of some benefit to you, good luck.
- DebdebLv 71 decade ago
No, sweetie. The FHA mortgage insurance guarantees the lender that if you don't pay, they will but only if it's foreclosed.
Like others, it's confusing when you say the loan is 33 years old. You may have had more than one loan in the time, each one starting from year one. This loan can't be 33 years old. When you refinance, your existing loan is paid off and you get a new one.
HUD has a homeowners counselling line, but I don't have the phone number here. Look on their website for a number to call their counsellors. You could also try Hope Now, but nobody will make your payments for you. Maybe some local authority like an alderman or councilman knows of a local group that can help you. Someone I know belongs to a church that make a payment or two for her. Call your lender's servicing department and ask for the forebearance department or the modification department. You may be eligible for one of those plans.
- 1 decade ago
An FHA loan will not help you catch up your payments. An FHA loan just guarantees payoff from the government on the loan in case of default by the mortgage holder. If you are four month behind you should contact your mortgage holder and request a forbearance which will defer payments for several months until you can get caught up. In any case its very important to contact your mortgage holder and explain your situation so that they can work with you to avoid foreclosure.
- Anonymous1 decade ago
I think you mis-state the facts. But the answer is FHA does NOT make up missed payments for the borrower. The purpose of an FHA loan is to insure that loan for the lender in case you default.
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- glennLv 71 decade ago
Wait......you have an FHA loan that is 33 years old?
I have sold homes for 33 years and never remember anyone getting an FHA loan that is for a longer period that 30 years.
- eklovLv 44 years ago
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- 1 decade ago
I believe that there are programs out there for FHA borrowers. Go to the HUD.GOV and hit the HUD news in the fall down menu on the left hand side. You will find some good resources there. Good luckSource(s): HUD>gov