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?

Update:

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.

Update 2:

nope, not 27, the winning number is 23.

Sorry about that, I am just nervous about this whole situation.

7 Answers

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  • 9 years ago
    Best 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.

    "FIGHT ON"

  • Debdeb
    Lv 7
    9 years 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.

  • 9 years ago

    Mary,

    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.

  • Anonymous
    9 years 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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  • glenn
    Lv 7
    9 years 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.

  • eklov
    Lv 4
    3 years ago

    Holy Smokes! inspect a number of those solutions... the respond is how a lot do you're making? in the journey that your numbers are that a lot decrease than the broking provider who pre-authorized you, he could be quoting you on an interest purely option ARM or something, which i do no longer advise. Sorry for yelling, yet once you will stay interior the homestead longer than, say ten years, then flow with a fixed value own loan. secure and take care of. If no longer, flow with a 5/a million, or possibly a 7/a million ARM. there is not any longer something wriong with ARM's. they're a good product whilst used wisely. the factor is to wrap up a decrease charge for the introductory era, then jackrabbit out of it with the help of promoting and shifting interior of that quantity of time. merely make beneficial there is not any prepayment penalty on them, and that they're a good-to-flow product. wish that helps, a lot extra the place that got here from.

  • 9 years 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 luck

    Source(s): HUD>gov
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