The
Hope for Homeowners Loan was recently created by the US Government to provide a vehicle to help American Homeowners avoid Foreclosure. This new FHA Loan Program (aka H4H) is an incredible option for homeowners looking to stop foreclosure and provide debt relief from unafforable or late mortgage payments.
The FHA Hope For Homeowners Loan is specifically tailored to help homeowners that are in finacial trouble the opportunity to stay in their homes during these difficult economic times. In many cases, the principal balance is actually reduced to 90% of the current appraised value instantly providing equity back into the home. This program is a dream come true for any homeowner who is "upside-down" on their mortgage or owes more than their home is worth.
Here is a private,
Free Information Line where you can see if you qualify and ask any questions you may have about this great new program:
1-800-857-1945If your mortgage payments have become unaffordable or you owe more than your home is worth do your self a favor and find out how the
FHA Hope for Homeowners Loan Program can lower your payments and cut your principal balance down!
Here is a recent Newspaper article about this great new program:Tip From the Home Team: On road to foreclosure? Here's a rescue.
Finally there is some federal help for people in danger of losing their homes.
Created by Congress, the Hope for Homeowners (H4H) program is aimed at helping homeowners who are "upside down" (owe more than the house is worth) in mortgages they can't afford. Under the three-year program which began October 1, qualified homeowners will be given new fixed-rate loans with affordable payments. Lenders who offer this program will take losses but would still get some return and avoid costly foreclosure proceedings.
Here's how H4H works and who qualifies:
Your mortgage must have been issued before January 1, 2008.
You must be spending 31 percent or more of your gross monthly income on mortgage payments.
You can be up-to-date or in default on your payments but must prove that you can't keep paying your current mortgage. Also, you can not have intentionally defaulted on a previous mortgage or own other residential real estate.
Homeowners who qualify will get a new mortgage with more affordable payments. The new mortgage will be set at 90 percent of current appraised value - not the balance on the old mortgage. As a result, if you have an H4H loan, you will immediately accrue 10 percent equity in your home.
Instead of handing in your keys to the bank and walking away from your home, HOPE for Homeowners may offer an immediate solution and help stabilize the real estate market. See any licensed FHA lender for details.
-Barbara MarshallThe Palm Beach PostSaturday, October 11, 2008*******************************
Hope For Homeowners Free Help Line: 1-800-857-1945