According to Lisa Gore with the Inspector Generals Office with HUD/Mortgage Servicing News and Tracy Mooney with Freddie Mac,
" The FHA is experiencing "a large number of zero payment defaults" n which borrowers fail to make even one payment on their new government-insured mortgages."
If you are a homeowner that has lost their job or had a change in your income/financial status immediately after closing, it is in your best ethical and financially responsible interest to contact your lender asap and let them know what is going on. If you have an FHA loan, contact your local HUD office for trustworthy contacts that may help you to keep your house.
If it appears that you will not be able to keep your home, you might want to consider listing your home as a short sale. Whatever your decision, stay on top of your communication with your lender, and make sure that advice you seek is from reputable sources. If you look something up on the internet, cross check it again and again on the internet to make sure that several known sources concur with this advice to you.
If you are a homeowner looking to list your Indianapolis Home as a Short Sale, give us a call today for more information.
Heather Fitzgerald
REALTY WORLD-Harbert Company, Inc.
317-885-8858
