Are you stuck in a adjustable interest rate mortgage loan and can no longer make your monthly payments? Thanks to the FHA there is still hope of keeping your home. Through the FHASecure loan program you may qualify for a refinance loan even if you are in default on your current loan. The FHA understands that you may not have anticipated how high your monthly payments would become after your fixed rate expired. They also know that now that you are in default you can not find a traditional lender who will refinance your mortgage at a reasonable interest rate because you now have derogatory credit and a history of a default on your mortgage payments. The FHA can help.

Some of the positive outcomes of an FHASecure refinance include:

Paying off your high rate adjustable mortgage loan. Once you refinance with the FHA your old high rate adjustable mortgage will be paid in full.

A lower more affordable monthly payment. The FHA offers lower interest rates than traditional lenders, and much lower interest rates than adjustable rate mortgages which translates into a much lower monthly payment for you the borrower.

Avoiding a foreclosure and more damaging information on your credit report. If you are in default on your current mortgage payment then there is most likely going to be derogatory information reported to the credit bureaus. By getting an FHA loan you will be able to stop any further damage to your credit report and credit score because the high rate unaffordable mortgage loan will be paid off and replaced with something that fits into your original budget.

Keeping your home. When you refinance with an FHASecure loan your missed mortgage payments may be put into your loan and you will no longer have to be worried about losing your home to foreclosure. In addition to this, the FHA offers many solutions to foreclosure in the case you lose a job, get sick, get divorced, or other circumstances arise that cause a loss of income in your household. The FHA will work with you to help you keep your home in the case of emergencies in the future.

An increase in your expendable income based on a lower monthly mortgage payment. Since your housing payment will be lower you will have more expendable income every month to put towards other more important things.

Rebuilding your credit with an on-time mortgage payment history now that your payments will fit into your budget. Every month that you make your new mortgage payments on-time you will be rebuilding your credit score.

If you are stuck in a high interest adjustable mortgage rate the FHASecure program may be exactly what you need to feel free from overwhelming debt and get back on track with affordable monthly payments. For more information on the FHASecure loan refinance program or to see if you qualify go to http://www.fha.gov/about/fhasfact.cfm or the FHA blog.