If you are in default on an FHA-insured mortgage, and the lender intends to foreclose, you should know about the Mortgage Assignment Program. You will have to provide certain information to the FHA to apply for this program.
To be considered eligible for assistance, the home must your principal residence. You must be at least three full payments behind on the mortgage, and the reason for your failure to make the mortgage payments must be due to circumstances beyond your control, such as unexpected unemployment. The FHA must be reasonably certain that you can resume making the payments at the end of 36 months and that the accrued deficiencies will be paid back before taking over the loan.
The Veteran's Administration also has a mortgage assistance program for those who have VA mortgages.
The Luby Group - Suzanne & Liz Luby - IL Licensees Coldwell Banker 530 North Hough Street Suite 180 Barrington, IL 60010 Suzanne: 847-922-7773 Liz: 847-691-3150 Office: 847-277-2777 Fax: 847-382-4990 Luby@TheLubyGroup.com
Suzanne and Liz Luby begin each client relationship with a simple commitment to superior service. With more than twenty years of experience in the Barrington, Inverness and Chicago Northwest Suburban markets, Suzanne and Liz Luby offer home buyers and sellers expert real estate guidance based on the highest professional and ethical standards.
The Lubys believe their business is about building lasting relationships through communication, trust, knowledge and expertise. Their team approach has consistently ranked them among the top 100 of Coldwell Bankers’ Chicagoland agents, and top 1% nationally.
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