Hope For Homeowners A Plan That Is Going To Use The FHA Money To Refinance Borrowers Facing Foreclosure
Foreclosure Refinance company Hope For Homeowners Program (www.hopeforhomeowners-program.org/) are in a position to help hundreds of families stop the foreclosure or head off foreclosure with a government refinance. The loan program became available on October 1, 2008 but there are pieces of the puzzle that still need to be put into place in order to help the majority of homeowners that are upside down on their homes.
The vast number of foreclosures throughout the nation risen substantially and the government has proposed and passed a plan that should help homeowners facing foreclosure. There is much debate in the media but the Hope For Homers Program is going to be a great program and the team headed up by Bull May is ready to help. Everyone knows there were issues in the last few years with the relaxed lending practices and the oversight of regulations that allowed homeowners to take on the toxic mortgages that are beginning to reset. The Hope Fore Homeowners Program has also had its critics but the team of loan officers from Hope For Homeowners Program (www.hopeforhomeowners-program.org/) are going to twist turn and tweak to make homeowners fit the stringent rules.
The loans are government backed with low interest and FHA secured. Hope Fore Homeowners Program is available to millions of borrowers that are in negative amortization, interest only and any other toxic loan that has an adjustable rate. The new rate that will be offered will be a 30 year fixed rate with 5.25% interest. The only sticking point is that lenders and investors will reduce the principal balance to 90% of current market value. Lenders would have to agree to take a substantial loss on the bad loans, and in return, they would walk away with at some payoff and avoid the often-costly foreclosure which is estimated to average $50,000.00 per house .Everyone that had an adjustable rate mortgage will have their payments reduced to a fixed 5.25% interest 30 year amortized loan.
This is the governments plan to prop up the falling housing prices and make affordable loans for all homeowners that will be facing foreclosure in the future. There is a sets a cap of $625,000 on the loans that Fannie Mae and Freddie Mac may buy and the FHA may insure. It lets them buy and back mortgages up to 15 percent above the median home price in areas. An additional qualifier to determine eligibility is a homeowner must spend 31% or more of their net income toward their monthly mortgage payment.
The Hope for Homeowners program will help the helpless and allow homeowners to keep a roof over their heads in this time of market and global turmoil. Bill May of Hope For Homeowners-Program believes an increasing number of homeowners can benefit from the expert loan officers that will help homeowners retain their homes and set a more manageable monthly mortgage payment.
“What we’re currently witnessing is a increasingly sharp rise in the number of foreclosures as homeowners can not afford their current monthly mortgage payments and lenders are losing money every month of delinquency. We are in a position to really help homeowners that have really hit hard times and foreclosure is on the horizon we will give them the ability to have relief and confidence in themselves.”
“At Hope For Homeowners-Program, we provide expert advice and assistance in the loan refinance business and allow borrowers the ability to meet their obligations, and more importantly, keep their homes and avoid foreclosure.”
By assisting borrowers and servicers to refinance toxic mortgages, Hope For Homeowners-Program will be helping as many homeowners nationwide as they can possibly reach.
Hope For Homeowners Program (www.hopeforhomeowners-program.org/) is working with the government and lenders, helping homeowners facing foreclosure to refinance their existing mortgages in order to handle their monthly obligations. By working with borrowers in or facing foreclosure, Hope For Homeowners-Program help to prevent foreclosures and allows decent families to remain in their homes during these tough times.
- Contact Information
- Bill May
- Mortgage Liason
- Homeownership Preservation Group
- Contact via E-mail
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