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FHA helps homeowners get through rough financial times

The FHA is in the business of helping people and families purchase homes in the United States. The last thing they want to see are these same people having financial difficulties that cause homeowners to default on their home mortgage loan or go into foreclosure and lose their home.

People have financial difficulties due to illness, job loss, divorce, death, and other life difficulties. If you are in a difficult financial situation here are some things the FHA suggests you do to help keep your home:

Stop unnecessary spending. Tighten up your budget and only pay for the necessities.
Contact your lender. If you know that you are going to have a problem paying your mortgage then you need to contact your lender immediately. Often lenders have programs where you can get temporarily relief due to a financial burden as long as you can show that it will be remedied in the near future.
Get help from a housing counselor. Housing counselors are free to use through the FHA and they can help you look at your financial problems and talk about your options to find the best solution for your situation.
Look into FHA refinancing. If you are not in default yet and your credit rating is still good, it is possible that you can refinance to a lower interest rate or to get some cash out of the equity of your home to help you through this hard time.
If necessary, you may have to sell your home. If you know that you will not be able to afford this monthly payment and you will not be able to fully financially bounce back from what has occurred, then talk to your lender and tell them that you will pay what you can while you try and sell your home. Often the lender will not scar your credit as long as you are in the process of selling the home and continue to make payments of some type. Try and work this out with them to keep your credit good so that you can later purchase a more affordable home.

For more information on how to avoid foreclosure and keep your home go to www.fha.gov


	FHA helps homeowners get through rough financial times The FHA is in the business of helping people and families purchase homes in the United States. The last thing they want to see are these same people having financial difficulties that cause homeowners to default on their home mortgage loan or go into foreclosure and lose their home. People have financial difficulties due to illness, job loss, divorce, death, and other life difficulties. If you are in a difficult financial situation here are some things the FHA suggests you do to help keep your home: Stop unnecessary spending. Tighten up your budget and only pay for the necessities. Contact your lender. If you know that you are going to have a problem paying your mortgage then you need to contact your lender immediately. Often lenders have programs where you can get temporarily relief due to a financial burden as long as you can show that it will be remedied in the near future. Get help from a housing counselor. Housing counselors are free to use through the FHA and they can help you look at your financial problems and talk about your options to find the best solution for your situation. Look into FHA refinancing. If you are not in default yet and your credit rating is still good, it is possible that you can refinance to a lower interest rate or to get some cash out of the equity of your home to help you through this hard time. If necessary, you may have to sell your home. If you know that you will not be able to afford this monthly payment and you will not be able to fully financially bounce back from what has occurred, then talk to your lender and tell them that you will pay what you can while you try and sell your home. Often the lender will not scar your credit as long as you are in the process of selling the home and continue to make payments of some type. Try and work this out with them to keep your credit good so that you can later purchase a more affordable home. For more information on how to avoid foreclosure and keep your home go to www.fha.gov	Long Beach, WA Peninsula Real Estate Guide
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