Newspaper Archive of
Stone County Enterprise
Wiggins , Mississippi
January 28, 2010     Stone County Enterprise
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January 28, 2010

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Page 18A Stone County Enterprise Wednesday, January 27, 2010 FHA to provide early relief for struggling homeowners WASHINGTON - Homeowners with FHA- insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assis, tanee until after they had missed payments. The Helping Families Save Their Home Act of 2009 signed into law by President Obama expand- ed FHA's authority to use its loss mitigation tools to assist FHA borrowers avoid foreclosure to include those facing "imminent default" as defined by the Secretary. FHA today issued guidance to FHA-approved loan services on how to assist these FHA borrowers. those borrowers who seek help before they go delinquent, which increas- es the likelihood that the borrower will be able to retain their home." Effective immediately, the loss mitigation options of forbearance and FHA's Home Affordable Modification Program (FHA-HAMP) may be used to assist borrowers facing imminent default. FHA defines an "FHA borrower facing imminent default" to be an FHA bor- rower who is current or less than 3o days past due on the mortgage obligation and is experiencing a sig- nificant reduction in income or some other hardship that will prevent him or her from making the next required payment on the mortgage during the month that it is due. A forbearance agree- ment is an agreement by the loan servicer to post- pone, reduce or suspend payments due on a loan for a limited and specific time period. FHA-HAMP allows qualified FHA-insured bor- rowers to reduce their monthly mortgage pay- ment to an affordable level by permanently reducing the payment through the use of a partial claim com- bined with a loan modifica- tion. The partial claim defers the repayment of a I portion of the mortgage principal through an inter- est-free subordinate mort- gage that is not due until the first mortgage is paid off. The remaining balance is then modified through re-amortization and in some cases, an interest rate reduction. The borrower mustbe able to document the cause of the imminent default which may include, but is not limited to, one or more of the following types of hardship: A reduction in or loss of income that was support- ing the mortgage loan, e.g., unemployment, reduced job hours, reduced pay, or a decline in self-employed business earnings. A scheduled temporary shut- down of the employer, (such as for a scheduled vacation), would not in and by itself be adequate to support an imminent default. Additional information and guidance can be found on HUD's website. Arrest Report The following individuals were arrested between, 1/16/lo and 1/24/10; Appearance in the arrest report is not indicative of guilt, merely a record than an arrest has been made. Individuals whose names appear in this column may submit documentation to us at a later date, should charges be dropped or they are found not guilty, and we will include that infor- mation in a timely manner. Sylvia Mallett: age 38, white female, careless driv- ing Vernon Terrell: age 36, black male, Circuit Court order Veronica Whitsett: age 29, black female, Circuit Court order Mercie A. Expose: age 29, black male, Circuit Court order Joseph Episcapo: age 31, white male, Circuit Court order james Mills: age 61, white male, contempt of Court Eugene Fowler: age 43, black male, aggravated assault Robert Todd Davis: age 49, white male, DUI 1st Ronnie L. Callahan: age 4o, black male, probation violation Ryan Chandler Aultman: age 19, white male, careless driving, DUI 1st Demetrius R. Ramsey: age 27, black male, war- rant, child support 'Pa'fiiela- Swan: age 44, white female, probation violation