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7 crucial facts about FHA loans

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Financial hardship relief allowed
Financial hardship relief allowed © WavebreakMediaMicro / Fotolia

Financial hardship relief allowed

Of course, FHA insurance isn't supposed to be an easy out for borrowers who are unhappy about their mortgage payments. But loan servicers can offer some relief to borrowers who have an FHA-insured loan, have suffered a serious financial hardship and are struggling to make their payments.

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That relief might be a temporary period of forbearance, a loan modification that would lower the interest rate or extend the payback period, or a deferral of part of the loan balance at no interest.

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