Have you gotten that dreaded notice in the mail that your adjustable rate mortgage is about to reset? Did you get a subprime loan where your payment ballooned and now you can't afford the payment?

The federal government is passing some actually somewhat-useful emergency legislation. FHA Secure will allow home owners with sub-prime mortgages and resetting ARM's a more streamlined way to refinance.

Below are some highlights:

Highlights of the FHASecure Initiative:

1. The mortgage being refinanced must be a non-FHA ARM that has reset.

2. The mortgagor's payment history on the non-FHA ARM must show that, prior to the reset of the mortgage, the mortgagor was current in making the monthly mortgage payments.

3. If there is sufficient equity in the home, under additional eligibility, FHA will insure mortgages that include missed mortgage payments.

4. Under certain conditions, FHA will insure first mortgages where (1) the existing note holder writes off the amount of indebtedness that cannot be refinanced into the FHA insured mortgage; or (2), the FHA-approved lender making the new mortgage or the existing note holder may take back a second lien that includes closing costs, arrearages or previous secondary financing.

5. Lenders must determine, as part of the underwriting process, that the reset of the non-FHA ARM monthly payments caused the mortgagor's inability to make the monthly payments and that the mortgagor has sufficient income and resources to make the monthly payments under the new FHA-insured refinancing mortgage.