FHA Bulletin:
On September 5, 2007, The Federal Housing Administration announced the FHASecure Initiative which is a temporary program designed to provide refinancing opportunities for borrowers who are at risk of losing their home due to their non-FHA ARM loan adjusting. This program will end 12/31/08.
If you or someone you know is behind on mortgage payments because the interest rate adjusted, you may be able to refinance into a secure, FHA loan- even if you owe more than your home is worth.
http://www.fha.gov/about/fhasfact.cfm
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