Denver real estate owners lose one of the ways to avoid foreclosure

I’ve been writing about ways for Denver real estate owners to avoid foreclosure for a few posts and one of the attractive programs has been the FHASecure program by the HUD. As of yesterday this program is gone due to the ongoing costs of keeping the program in place and FHA Commissioner Brian Montgomery’s ongoing effort to manage risk and keep the FHA premiums and charges low across the boards for borrowers. The program has only been in existence since July 2007, and was designed to “… permit FHA to return to the role it was originally designed to play, bringing stability to the real estate market by helping break today’s cycle of foreclosures and price depreciation and creating much needed liquidity in the now-constricted mortgage ” Although HUD originally planned to help hundreds of thousand of “at risk” homeowners avoid foreclosure with this plan constant bickering by politicians about the bailout money and the typical partisan politics kept homeowners from fully taking advantage of what was, early on, an excellent concept. Hope for Homeowners (H4H) a competing program will continue to provide assistance through HUD.