Current refinancing plans are still set to help 400,000 homeowners find mortgage relief by the end of this year.

U.S. Department of Housing and Urban Development Secretary Steve Preston today last week that 400,000 families have refinanced their mortgages with HUD's affordable mortgage insurance program. Since expanding its refinance program in September 2007, HUD's Federal Housing Administration (FHA) has helped more distressed homeowners keep their homes by utilizing FHA's safe and affordable mortgage financing.

Just this year the FHA has:

• May 2008 - FHA helps 200,000 families refinance their mortgages since September 2007.

• July 2008 - FHA expands FHASecure to help homeowners with adjustable rate subprime mortgages who can no longer afford their mortgages and missed up to three monthly mortgage payments over the past 12 months. Rather than go into foreclosure, eligible borrowers can refinance with FHA and lenders can voluntarily write down the outstanding subprime mortgage principal balances.

• August 2008 - FHA helps 300,000 families refinance their mortgages since September 2007.

• October 2008 - HUD launches the HOPE for Homeowners program to refinance mortgages for eligible borrowers who are having difficulty making their payments, but, after a write-down in principal, can afford a new loan insured by HUD's Federal Housing Administration (FHA).

• October 2008 - FHA helps 400,000 families refinance their mortgages since September 2007.

Published: October 28, 2008

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