If you are in default on an
FHA-insured mortgage, and the lender intends to foreclose, you should know about
the Mortgage Assignment Program. You will have to provide certain information to
the FHA to apply for this program. To be considered eligible for assistance, the
home must your primary residence, you must be at least three full payments
behind on the mortgage, and the reason for your failure to make the mortgage
payments must be due to circumstances beyond your control, such as unemployment.
The FHA must be reasonably certain that you can resume making the payments at
the end of 36 months and that the accrued deficiencies will be paid back before
taking over the loan.
The Veteran's Administration also has a mortgage
assistance program for those who have VA mortgages.