NJ Mortgage Lender Sees Positives in Proposed FHA Changes
NJ mortgage company principal shares his views on new legislation and proposed changes to the Federal Housing Administration (FHA) loan program.
by Lawrence Montani, GMH Mortgage Services LLC
Shrewsbury, NJ, May 6, 2008 - Speaking about proposed changes to the Federal Housing Administration (FHA) that would back new loans for as many as one million distressed homeowners, Lawrence Montani, Team Montani leader at GMH Mortgage Services LLC, predicts that the plan has the potential to lend stability to what has been a volatile housing market.
Although not expected to be adopted in its current form, the rescue plan proposed by Rep. Barney Frank of Massachusetts would go far beyond the most recent legislation on the issue passed by the Senate in April.
Says Montani, "By allowing more people to qualify for FHA loans, these proposed changes give homeowners options other than foreclosure. Though many feel the legislation doesn't go far enough, it's certainly a step in the right direction."
The proposed legislation would relax FHA underwriting standards to allow hardest-hit homeowners to qualify for government-backed loans.
The first thing you should do if you miss a mortgage payment, says Montani, is contact your lender. "Foreclosure is the last resort for lenders as well as homeowners. Most lenders will work with the homeowner to try and help them get back on track as quickly as possible."
GMH Mortgage Services LLC and Team Montani lead the way as one of New Jersey's most respected mortgage bankers, with more than 80% of its loans written for repeat customers and the friends and family they refer. Team Montani is known for its refreshingly different approach to mortgages - combining experience with responsiveness to eliminate much of the stress generally associated with the mortgage process.
Lawrence Montani is a member of Team Montani at GMH Mortgage Services LLC. Reach him at (732) 389-9898 ext. 114 or www.teammontani.com.
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