House committee votes to end FHA Short Refi program

In the case of the new FHA short refinance program we fail to see the benefit to lenders for participating. Normally the only time a lender would seriously consider participating in a principal write-down is if the only choices left to them were to foreclose on a property or to grant a short refinance.

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Did you look into Streamline FHA Refi? Can be rented out and still qualify, low cost (not the new FHA fees, actually lower than normal funding fee, like .01%, low rate, credit score not supposed to matter but banks check it anyway as you do need to show no late payments on.

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 · The program seemed to gain some traction this spring — 23 servicers had signed up to participate — when the House financial service committee voted to kill it in March. It’s future is in doubt.

The House on Thursday passed legislation that would end the Federal Housing Administration’s home mortgage assistance program. In a 256-171 vote, the House approved the legislation after a.

Looking to refinance. Lender (GMAC) has my current loan. They are offering me a program called "Short Refinance." they say they will "forgive" the difference of $546,250 and my current loan (approximately ,000) with this program. They are telling me the $70,000 is NOT taxable income, due to filing a 1099C form and this Short Refinance.

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Already, the House has cleared the way to begin deliberations this week on the two bills advanced by the committee last Thursday to end FHA’s Short Refi Program and the Emergency Mortgage Relief.

The House Financial Services Committee has agreed to end the FHA’s short refinance program for homeowners facing foreclosure. The vote was 33 in favor and 22 against the proposal. To become law the bill must also be passed by the House, the Senate and then signed by the President.

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The House voted 256 to 171 to kill the program. The House of Representatives voted Thursday to terminate the Federal Housing Administration’s Short Refi program. The House Financial Services.