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The FHA's best advice is to do whatever you can to save your home before allowing it to go back to the bank or be foreclosed upon. But for those in more serious situations in danger of a foreclosure, there is a way to give the property back to the bank.

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August 21, 2017
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How Can I Avoid Foreclosure?

FHA Common Question #40

For those in more serious situations in danger of a foreclosure, there is a way to give the property back to the bank. The FHA home will revert to the bank and you won't be able to save it-but the process is less damaging on a credit report than actual foreclosure.

FHA guidelines require you not be in default on another FHA mortgage, and you must already be in default and not qualified for other options. According to FHA home loan rules, this truly is a last resort, but a select few will need to exercise that last resort in some cases.

The FHA's best advice is to do whatever you can to save your home before allowing it to go back to the bank or be foreclosed upon.

NEXT:  What If I Have Delinquent Payments?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
Can FHA Closing Costs Be Financed?

August 1, 2017 - Some of your FHA loan closing costs may be financed, and some may - after being negotiated between buyer and seller - be paid by the seller within the boundaries of the FHA loan program's rules. The borrower can also pay some closing costs out of pocket.

FHA Streamline Loan Requirements

July 22, 2017 - FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage to refinance.

FHA Loan Rules: 203(K) Rehab Mortgage Loans

July 19, 2017 - The 203(K) Rehab loan is the FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.

The FHA Loan for Single Family Mortgages

July 15, 2017 - The FHA 203(b) loan insurance program is for people who want a single-family. For these FHA guaranteed loans, lenders offer loan terms at 15 or 30 years. The FHA does not set interest rates for these loans, instead they are negotiated between the borrower and lender.

FHA Loan Rules For Second Home Purchases

July 12, 2017 - FHA loan rules for the single-family loan program are designed for owner-occupiers, but depending on circumstances a borrower may be approved by a participating lender to buy another home--usually in response to a pragmatic need like a larger family or job requirements.