An article I read today, stated that lenders are currently discussing a new program that would allow current borrower's to freeze their ARM's due to high rates of foreclosure. The Initiative is called HOPE NOW. Some of the participating banks include Bank of America, Citigroup, Inc, Countrywide Financial Corp., Fannie Mae and Freddie Mac, JP Morgan Chase & Co., just to name a few. It appears that the long term effects of increasing foreclosures are causing more conversations revolving around solutions. If you'd like to read more please click the link below. Quick read! Just keeping you informed. Sounds like a good deal, for now at least. It will also allow more time to call those past clients!
Cecelia Marlow - Senior Mortgage Consultant, IL 773-782-6000
1 Comments on Hope maybe in sight for clients with ARM's due to reset!
Thanks for the info Cecilia, this is indeed great news for those thousands of people that are on teh verge of loosing their homes. Here in Modesto it seems as if there are more people losing their homes to foreclosure than there are those that are in good shape. Let us all hope that the program is approved!
Cecelia Marlow
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Thanks for the info Cecilia, this is indeed great news for those thousands of people that are on teh verge of loosing their homes. Here in Modesto it seems as if there are more people losing their homes to foreclosure than there are those that are in good shape. Let us all hope that the program is approved!