10-01-08

HOPE for Homeowners

The new FHA program title HOPE for Homeowners officially started today and does not require you refinance with your current lender. The guidelines for the program state that any FHA approved lender should be able to originate the loan but the current note holder must approve of the transaction and could deny the refinance thus putting you further into foreclosure.

However the good news is that you could simply call 1-800-CALL-FHA and get a list of local FHA approved lenders and they should be able to write this loan request for you. The program just became live today so it is also very possible current FHA lenders would not know how to go about processing this request. If you are facing foreclosure this could be a real solution to your problems and would put you into a stable 30 year fixed mortgage.

This is likely to be as close as the public will get to a bail out despite every effort being made by the federal government to bail out big banks who caused this mess in the first place. Since this is likely to be the last bit of help homeowners receive homeowners are encouraged to seek approval in the face of foreclosure and to not only rely on this program alone. Make sure you try everything in your power to save your home and do not wait for a program that may not approve you, but do make sure to give it a try because if you can get approved by the lender and the note holder your foreclosure nightmare will be over.

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