Special offer

HOPE - the RATE FREEZE!

By
Real Estate Broker/Owner with Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management 01490605
1-888-995-HOPE Do you know what this number is for? Have you tried it? No it is not some silly scheme. It is the number of the US Housing Department, this is the phone number the President of the United States said to call if you need help with your mortgage.  I've not tried it, and I'd love to hear what they say if you call it. I do know that there is plan in the works to FREEZE interest rates from adjusting for up to 5 years. WOW -- will that help? It's anyone's guess. At this time the experts are on both sides of the fence. There are those that think this is a temporary stop gap measure that won't fix the mortgage crisis problem, and those that think this is the best thing since sliced bread. Being that I am not a lender, Real Estate Attorney, Financial Advisor, etc -- all I know or think is that it may HELP some of my friends and clients keep their home for another 5 years. What should people who ALMOST lost their home do for the next 5 years? SAVE, SAVE, SAVE improve your credit score, do whatever you can do to make sure when that teaser rate DOES FINALLY adjust that you are in a position to refinance, even IF the market has not rebounded by then.

For those of you who just can't make it happen even with a freeze on your interest rate, call a professional today. Find a Realtor that cares about YOU. Talk to a Real Estate Attorney to see what your options are. Just don't give up, fight, seek answers, ask for help. There are millions of people that are in the same situation as you. There is HOPE!


Comments (5)

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Keller Williams Realty - Ann Arbor, MI
Ann Arbor Area Real Estate
Nice message to folks who need the advice. 
Dec 06, 2007 12:19 PM
Armando Rodriguez
QUEST REALTY SERVICES - Orlando, FL
Orlando Homes 4 Sale, Real Estate Broker-GRI

I hope it can help those with ARMs. But I don't think it'll help those already in foreclosure.

We'll see.

Dec 06, 2007 12:45 PM
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California
glad you blogged about this.  This one will be a hot topic for a while.  I thought it to be interesting that it will not be mandatory for lenders to do this. 
Dec 06, 2007 03:04 PM
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California
glad you blogged about this.  This one will be a hot topic for a while.  I thought it to be interesting that it will not be mandatory for lenders to do this. 
Dec 06, 2007 03:05 PM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Karen - I just hope it's enough for those that need it.

Armando -- nope it won't help those who are not current, or currently already in foreclosure.

Christina -- I'm sure it will be HOT for a while.... while all the politicians sort and argue this whole thing.

Dec 06, 2007 04:19 PM