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FHA Secure Check Helps Determine Refinance Eligibility
By Alton Gary Simpson
SAN MATEO, CA -- There are as many as 7.5 million subprime mortgages outstanding and more than 2 million of them are estimated to be at risk for foreclosure as interest rates adjust upwards. Foreclosure rates set records in 2007 and touched off a credit crisis in the secondary market for mortgages that the real estate finance industry continues to cope with. The prospect of a continuing increase in foreclosure rates prompted the Federal Housing Administration to create the FHA Secure program last September. The FHA Secure refinance program allows homeowners to refinance their mortgages into FHA mortgages if they have missed loan payments. The program applies only to borrowers who have missed payments because of a spike in adjustable-rate mortgage interest rates that caused their total payments to spike. Bills.com, a one-stop portal for financial information that is a division of Freedom Financial Network LLC, has launched a new program to help homeowners determine if they are likely candidates for the government's program, called FHA Secure Check.
According to Andrew Housser, co-CEO of Bills.com, determining eligibility for the refinance program can be challenging given the extensive criteria set by the FHA.
"But with Bills.com's FHA Secure Check program, homeowners can complete a simple form and receive an immediate assessment of their likely eligibility, along with refinancing quotes from mortgage lenders, banks, and brokers in Bills.com's lender network," he said, noting that the program is just one part of Bills.com's personal finance education and information platform.
He added that FHA Secure Check "can help homeowners navigate the government program's criteria and evaluate whether they can refinance under the new guidelines." Mortgage lenders and brokers who are Bills.com partners can receive eligible matches from the FHA Secure Check program. Bills.com's lender network comprises more than 100 mortgage lenders, banks, and brokers. Also available to lenders and brokers are a blog about consumer finance issues, a comprehensive budget guide, and a full series of news releases containing more than 400 tips to help consumers manage personal finance issues.
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