Government Program Helps Families Stay in Their Homes
Federal Housing Administration helps homeowners avoid foreclosure HUD Secretary Urges Congress to pass FHA Modernization Bill so HUD can help more even families
WASHINGTON - More than 36,500 families have been able to stay in their homes and avoid foreclosure this year thanks to the U.S. Department of Housing and Urban Development's Federal Housing Administration (FHA) comprehensive lending relief measures. The FHA's Loss Mitigation Program gives lenders who provide FHA-insured mortgages the authority and responsibility to assist homeowners who have fallen into financial difficulties with their home mortgages.
"Owning a home is the American Dream, and the last thing we want is for families to see their dream turned into a nightmare. FHA lending relief measures continues to help families around the nation work through difficult times, stay in their homes and avoid foreclosure," said HUD Secretary Alphonso Jackson.
Since last October, the FHA Loss Mitigation Program has helped 36,512 families, who are behind on their mortgage payments, keep their homes. In Fiscal Year 2006, this program helped 75,000 families with FHA-insured loans continue to enjoy the benefits of homeownership. In total, there are currently nearly 4 million homeowners in FHA homes.
To read more of this article by HUD please visit www.HUD.gov.
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