Is there really "HOPE FOR HOMEOWNERS"

Weeks have now passed and we still do not have a single lender in the US that is willing to participate in the H4H program through wholesale channels (brokers like me). However, I am not hearing about much success from people who have been attempting to use the program through their existing lenders either. I have even had lenders calling me personally asking me to find investors who can help their clients. It is beginning to look like this program might have been useless. The good news is that, from what I can see, everyone wants to help. We just need a better plan. Recently I wrote a blueprint to a foreclosure prevention and loan modification plan in detail. After reviewing the plan, and testing it with many scenarios, I decided it would truly work to stop foreclosures and get our economy rolling again. I sent this plan to David Dreier, my local congressman. As you can expect this will take some time before I will be able to get it in from of him. Fortunately, something even better seems to be coming along. Fannie Mae and Freddie Mac announced plans this week to create another plan for their clients, that is surprisingly similar to mine. I really think this plan will work. (You may have read about it in the paper this week). HERE IS WHAT I AM HEARING Basically this plan would have your existing lender modify your loan amount to 100% of your current appraised value. They would work the payment to get it as low as possible including interest rates as low as 3% and loans as long as 40 years fixed. The goal would be to get your mortgage payment, including taxes and insurance to be less than 38% of your current monthly income. This would be a great benefit for most of us. The difference between the new loan amount and the current amount you owe would not be written off by your lender. You would still owe this money and it would be place as a lien on your house, but it is not due until you sell or refinance. This is the best for us and the best for the bank, and that is why I think it will be well received and keep us in our homes. So what do YOU need to do to find out more? This new plan is still in the works, but I think it has a better chance of happening than the H4H is looking to have. The plan is going to be completed ONLY through your existing lender. This means I will not be able to assist you on this, but I can keep you informed. I suggest that you go back to your existing lender and try to get into talks again. More and more lenders are offering modifications to avoid foreclosure. Complete all of their forms and get them back to the bank as soon as you can. Do everything they ask and you will have the best shot at success. I am still going to keep you informed. If something happens with H4H or any other program that will help, you will hear from me. I wish I had better news, but we are still looking for the best solution at this time.