U.S. Housing and Urban Development (HUD) Secretary Alphonso Jackson said this week that since its inception, HUD’s FHASecure loan product has aided 100,000 distressed borrowers.
The program allows homeowners to escape foreclosure by refinancing into safer, more stable loan products that are backed by the federal government. Since September of last year, more than $13 million in funding has been funneled through the FHASecure program to save borrowers.
“FHASecure has helped more than 100,000 families stay in their homes,” said Secretary Jackson. “Homeowners are cutting their monthly mortgage payments by an average of $400 a month compared to their exotic subprime loans. They no longer have anxiety about finding foreclosure notices in their mailboxes, thanks to the safe mortgage alternative that FHASecure offers.”
HUD says FHASecure is expected to offer refinancing to 300,000 families by late 2008.