HOPE for Homeowners

BUSH ADMINISTRATION LAUNCHES “HOPE FOR HOMEOWNERS” PROGRAM TO HELP MORE STRUGGLING FAMILIES KEEP THEIR HOMES
Detailed Program Eligibility Requirements Announced

WASHINGTON – The Bush Administration today unveiled additional mortgage assistance for homeowners at risk of foreclosure. The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).

“For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford,” said HUD Secretary Steve Preston. “FHA remains a safe and affordable alternative to the high-priced mortgage loans that threaten homeowners’ ability to retain their homes. We strongly encourage borrowers to work with their lenders to determine if HOPE for Homeowners is the right program for them.” (read more)

Comment
This program just became available today. This is one more tool to help people avoid foreclosure. If you are behind on your house payment or in danger of falling behind on your house payment, please do not allow your home to foreclose without getting help. If you live in the middle Tennessee area call me at 850-3453 and I will help you. I am Director of Housing Services for the Woodbine Community Organization, a HUD-approved housing counseling agency.

If you live elsewhere, call a local HUD-approved housing counseling agency, or if there is no local HUD-approved agency in your area, call the HOPE hotline at 1-888-995-HOPE.

I am amazed at the number of people who loose their home when they could avoid doing so, if they would only seek help and be proactive. Many, many people let their hope get foreclosed when tools are available right now that could help them keep their home. Believe it or not, mortgage companies want to work with you; they do not want to foreclose. However, often the homeowner does not know how to approach the mortgage company and present their case. Also, mortgage company representatives may not know all of the options available. A trained counselor, will evaluate your situation and look at all the options for keeping your house or if keeping the home is not possible or is not in your best interest, help you get out of the house while avoiding foreclosure.

If you know of anyone who may be in danger of losing their home, tell them there is help available. Daily, I negotiate workout plans with mortgage companies on behave of my clients. I have kept about 100 people from losing their home this year. Some of the workouts were easy and some of them were difficult to achieve. Some of the clients who did lose their home could have saved their home if they would have followed up and followed the Action Plan we developed. If someone just sits by and lets their home get foreclosed without fighting to save it and without seeking help, they have no one to blame but themselves.

Top Stories