HUD Archives: News Releases


HUD No. 08-032
Dwight A. Peterson
(801) 524-6071
For Release
Wednesday
August 27, 2008

HUD CONTINUES TO PROVIDE IMMEDIATE HELP TO HOMEOWNERS IN UTAH
HUD Secretary to troubled homeowners: Don't wait to seek relief; Visit HUD.gov

WASHINGTON � Distressed homeowners in Utah do not have to wait for the new housing law to take effect on October 1st in order to be eligible for mortgage relief. HUD's Federal Housing Administration (FHA) continues to provide troubled homeowners with access to safe, affordable mortgage products.

"HUD understands that for many families, time is of the essence. These families should not wait to obtain help when it may already be available," said HUD Secretary Steve Preston. "Delay could only result in the loss of their home. We have already helped hundreds of thousands of families nationwide, and we believe there are more Utah families that can currently benefit from our refinancing product."

Immediate assistance is available by calling (800) CALL-FHA or visiting www.HUD.gov. There are twelve HUD-approved housing counseling agencies standing by to help homeowners in the state of Utah. In addition, homeowners may also call the HOPE Now alliance at: (888) HOPE-NOW.

In July, the Bush Administration expanded its flagship mortgage insurance program to assist more homeowners who are struggling to keep up with their high-cost subprime adjustable rate mortgages. HUD's FHA expanded its FHASecure refinancing product to insure more mortgages for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lender.

With this expansion, FHA has helped more than 320,000 families since September 2007 refinance into affordable mortgages and is on pace to help 500,000 American families by the end of this year.

In August 2007, FHA initially modified its refinancing program to help creditworthy homeowners who missed their mortgage payments as a result of the payment shock associated with interest rate resets. FHASecure has further expanded its eligibility criteria to help homeowners who have gone into default as a result of temporary economic setbacks. FHA's eligibility will now help the following categories of troubled homeowners:

  1. Borrowers who are delinquent on their adjustable rate mortgages, but who were late on no more than two monthly mortgage payments over the previous twelve months are eligible for the standard 97 percent loan-to-value (LTV) FHASecure refinance loan.

  2. Borrowers delinquent on their adjustable rate mortgages who were late on three consecutive monthly mortgage payments or at three different times over the past twelve months will be eligible for a 90 percent LTV ratio FHASecure refinance loan.

FHASecure can help additional borrowers in Utah and across the nation access a more viable refinancing option and will offer lenders an alternative to foreclosing on these individuals. Lenders can already voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to "fill the gap" between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser.

Below is a list of local HUD-approved housing counseling agencies in your area:

Cedar City Housing Authority
364 South 100 East
Cedar City, Utah 84720
Phone: (435) 586-8462
Fax: (435) 865-9397

Services:
- Home Equity Conversion Mortgage Counseling
- Mortgage Delinquency and Default Resolution Counseling
- English Only

Neighborhood Nonprofit Housing Corporation
95 West Golf Course Road, Suite 104
Logan, Utah 84321
Phone: (435) 753-1112
Fax: (435) 753-6112

Services:
- Homebuyer Education Programs
- Mortgage Delinquency and Default Resolution Counseling
- Prepurchase Counseling
- English Only

Utah State University - Family Life Center Housing and Financial Counseling Services
493 North 700 East
Logan, Utah 84321
Phone: (435) 797-7224
Fax: (435) 797-7432

Services:
- Fair Housing Assistance
- Home Equity Conversion Mortgage Counseling
- Home Improvement and Rehabilitation Counseling
- Homebuyer Education Programs
- Loss Mitigation
- Money Debt Management
- Mortgage Delinquency and Default Resolution Counseling
- Postpurchase Counseling
- Predatory Lending
- Prepurchase Counseling
- Renters Assistance
- English and Spanish

Your Community Connection
2261 Adams Ave
Ogden, Utah 84401-1510
Phone: (801) 394-9456
Fax: (801) 394-9457

Services:
- Home Equity Conversion Mortgage Counseling
- Homebuyer Education Programs
- Money Debt Management
- Mortgage Delinquency and Default Resolution Counseling
- Prepurchase Counseling
- Services for Homeless
- English and Spanish

Community Action Services
815 South Freedom Blvd., Suite 100
Provo, Utah 84601
Phone: (801) 373-8200 ext. 241
Fax: (801) 373-8228

Services:
- Fair Housing Assistance
- Home Equity Conversion Mortgage Counseling
- Home Improvement and Rehabilitation Counseling
- Homebuyer Education Programs
- Loss Mitigation
- Marketing and Outreach Initiatives
- Mobility and Relocation Counseling
- Money Debt Management
- Mortgage Delinquency and Default Resolution Counseling
- Postpurchase Counseling
- Predatory Lending
- Prepurchase Counseling
- Renters Assistance
- Services for Homeless
- English and Spanish

Rural Housing Development Corporation
709 North 1890 West, #39A
Provo, Utah 84601-1333
Phone: (801) 375-2205 ext. 102
Fax: (801) 354-7855

Services:
- Homebuyer Education Programs
- Postpurchase Counseling
- Prepurchase Counseling
- Renters Assistance
- English, Spanish and Portuguese

Community Development Corporation of Utah
501 East 1700 South
Salt Lake City, Utah 84105
Phone: (801) 994-7222-203
TTY: (866) 994-7222
Fax: (801) 994-7220

Services:
- Homebuyer Education Programs
- Marketing and Outreach Initiatives
- Mortgage Delinquency and Default Resolution Counseling
- Postpurchase Counseling
- Prepurchase Counseling
- English and Spanish

Housing and Opportunity Through Positive Empowerment (HOPE)
230 West 200 South #3104
Salt Lake City, Utah 84101
Phone: (800) 757-0406
TTY: (800) 757-0406
Fax: (801) 208-9863


Services:
- Homebuyer Education Programs
- Marketing and Outreach Initiatives
- Mortgage Delinquency and Default Resolution Counseling
- Postpurchase Counseling
- Prepurchase Counseling
- Renters Assistance

Salt Lake Community Action Program
764 S 200 W
Salt Lake City, Utah 84101-2710
Phone: (801) 359-2444
Fax: (801) 355-1798

Services:
- Home Equity Conversion Mortgage Counseling
- Homebuyer Education Programs
- Loss Mitigation
- Money Debt Management
- Mortgage Delinquency and Default Resolution Counseling
- Postpurchase Counseling
- Prepurchase Counseling
- Renters Assistance
- English Only

Salt Lake Neighborhood Housing Services, Inc
622 W 500 North
Salt Lake City, Utah 84116
Phone: (801) 539-1590
Fax: (801) 539-1593

Services:
- Fair Housing Assistance
- Home Improvement and Rehabilitation Counseling
- Homebuyer Education Programs
- Loss Mitigation
- Marketing and Outreach Initiatives
- Money Debt Management
- Mortgage Delinquency and Default Resolution Counseling
- Postpurchase Counseling
- Predatory Lending
- Prepurchase Counseling
- English and Spanish

Housing and Opportunity Through Positive Empowerment (HOPE)
1070 West 160 South # B
St, George, Utah 84770
Phone: (435) 632-7832
Fax: (435) 603-1188

Services:
- Homebuyer Education Programs
- Marketing and Outreach Initiatives
- Mortgage Delinquency and Default Resolution Counseling
- Prepurchase Counseling
- Renters Assistance
- English Only

Consumer Credit Counseling Service of Southern Nevada DBA CCCS of Utah
720 South River Road C-235
St. George, Utah 84770
Phone: (435) 986-9223
TTY: (800) 451-4505
Fax: (435) 986-9410

Services:
- Fair Housing Assistance
- Home Equity Conversion Mortgage Counseling
- Homebuyer Education Programs
- Loss Mitigation
- Marketing and Outreach Initiatives
- Money Debt Management
- Mortgage Delinquency and Default Resolution Counseling
- Postpurchase Counseling
- Predatory Lending
- Prepurchase Counseling
- Services for Homeless
- English Only

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HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

 
Content Archived: March 15, 2011