Can You Modify a THDA Loan?
Posted on | April 15, 2010 | No Comments
This week I got a call for a very nice lady who had gone though all the steps to modify her loan but because it was a THDA loan the bank was unable to help her. Though she was justifiably upset, there are some things you need to understand about a THDA loan that can help you understand why this is a very difficult thing for the banks to do.
First of all, THDA was designed and still works to get buyers who may not otherwise be able to get into a home, into a home. There was never a reason to think of unwinding the bond that governs the THDA loan process due to what has gone on in the economy. So you are clear, there is a bond attached to the THDA loans that enable THDA to do what they do. It is my understanding that once a mortgage is secured, or wrapped, with the bond, it is fixed and cannot be changed.
While there are some people who have THDA loans that will have a hard time most will do very well since they have had some help through THDA. If you find yourself in trouble, the best thing to do is immediately call THDA and talk to them. No one wants you to loose your home and they will do everything they can to help. It really is up to you.
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