Last Friday, FHA released it's first list of lenders who are participating in the HOPE for Homeowners (H4H) Program. The lenders listed have indicated their interest in refinancing loans under the HOPE for Homeowners program. FHA will be updating this list on most Fridays.
List of H4H Participating Lenders
The "HOPE for Homeowners Act of 2008" created a new program within the Federal Housing Administration to back FHA-insured mortgages to distressed borrowers. The new mortgages offered by FHA-approved lenders will refinance abusive loans at a significant discount for homeowners facing difficulty meeting their mortgage payments.
The program is effective from October 1, 2008 to September 30, 2011.
Over 400,000 homeowners could avoid foreclosure through this program over the next three years, according to FHA. If you are having trouble making your mortgage payments, HOPE for Homeowners may be able to help you, by refinancing your loan into a new 30-year fixed rate loan with lower payments.
For more information on the Hope for Homeowners Program, make sure to check out FHA's website on Hope for Homeowners.
There is also other great information on the FHA website for distressed homeowners:
Steps to take when you can't pay your mortgage
HOPE NOW
FHA Secure - Fact Sheet
If keeping your home is not an option
The Mode & DurhaM Team in Elk Grove, CA
www.ModeandDurhaM.com
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