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Missed Payments and a FHA Mortgage

If you are one of the many people who have missed a mortgage payment, there is some important information regarding FHA loans and missed payments that you should know. The FHA offers loans to people with low to moderate incomes to purchase a home with no money down.

If you have missed a mortgage payment, here are some facts you should know:
  • There are certain circumstances in which the FHA will not begin foreclosure proceedings 90 days after a missed payment. For example: if you miss a payment, but you can make up the payment within 90 days, your home will not be foreclosed. However, you must meet the FHA's criteria for an acceptable reason for a missed payment.
  • You must CONTACT YOUR LENDER and the FHA if you miss a payment. Do not ignore the FHA or their attempts to resolve the issue. You will not be the first person to miss a payment, and if you explain your circumstances to them they may be able to help you avoid foreclosure.
  • Many mortgage lenders offer re-payment plans where if you missed a mortgage payment but are now back on track you can pay a little extra every month for 6-12 months and make up the mortgage payment that way rather than in one lump sum.
  • The FHA offers a one-time mortgage assistance program through the FHA insurance fund to help you get back on track if you miss one payment. To qualify, the missed payment must be at least 4 months, but not more then 1 year, delinquent.

Avoid Foreclosure

If you have missed a mortgage payment and want to avoid foreclosure, contact your lender and the FHA to discuss your options for getting out of default.

Read more about FHA Credit Issues.

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