If you are a homeowner who has good credit but is delinquent in your mortgage payments, you might be able to avoid foreclosure by refinancing to a FHA loan.

The FHASecure Act is only for homeowners who are currently delinquent in their mortgage payments.  This initiative was launched this August. Previously any homeowner who was delinquent in their mortgage payments would not have been able to qualify for an FHA loan.

This certainly adds a factor for homeowners to consider before refinancing.  This is not an answer for all homeowners who are looking to refinance, but for those folks not able to afford their mortgage payments, it might just offer a digestable alternative.

Morgan Brown's (Founder and Owner of New Day Trust Mortgage in Laguna Beach California) article, "Understanding FHA Secure" helps breakdown the benefits and the qualifications of an FHA Secure loan.

If you feel after viewing the article that you might be a candidate for the FHA Secure loan I encourage you to contact an FHA approved lender for a personal consultation.

Posted by Rebecca D. Levinson

Read more ... http://connect2agentconsumers.typepad.com/homebuyerseller/2007/09/how-the-fha-sec.html.