There are numerous people struggling to make their mortgage payments today and over the past year or two, many homes have been foreclosed and it is still continuing to close, without any solutions in sight.

This all started when the people took out loans which wereunsecured a few years ago. Unfortunately the housing market collapsedand it caused the interest rates on those loans to go up. As a result, many people could not keep up with the payments.

Are you in this situation? Are you having trouble making your mortgage payment or trying to find ways to reduce your monthly expenses? Why waste money by making large mortgage payments when you can reduce your interests!

There are several ways for people to keep their homes and restructure their mortgage to make the payments work for them during these tough times. Now is the timeactand take advantageof the FHA Streamline to Refinance Loan and reduce your monthly payments.

FHA Streamline Refinance Loan:With the FHA Streamline Refinance Loan, the goal is for the homeowner is to reduce their monthly payment to an amount that is more affordable for them in the short term. One of the requirements for FHA Streamline Refinance Loan: You must have an FHA loan to process this loan. If the original mortgage was made through a different financing group, then the loan will NOT qualify for this loan.

Secondly, the FHA Streamline Refinance Loans are referred to as having no out of pocket expenses. In order to reduce this expense the homeowner has to commit to take a slightly higher interest rate from the lender and have the lender pay the closing costs. While this can save some money up front, it is important to recognize any longer term impact a higher rate might have. Next, roll any closing costs into the new mortgage. This could be done if there is enough equity in the home and it would require having an appraisal done on the home. Finally, the new loan cannot exceed the amount of the original loan and this loandoes not to allow the homeowner's to take any cash out on a home equity line of credit. This program is justfor reducing your mortgage payment, not adding more to the principal amount.

With so many homeowners with FHA loans, this program is definitely worth a look at. This may be the way to save your home from the foreclosure process and help you lower your mortgage payment. In order to get this started, you need to check into the FHA Streamline Refinance Loan!