I received a call today from a distressed homeowner who had been out of work for several months but has now gone back to work. He had already spoken with 2 other lenders and FHA trying to get some information on "Hope For Homeowners" He is currently on a subprime loan and has $30,000 in equity. I went to HUD's website and looked up the program. The information is important to you and you need to understand how this works. Please go to the HUD site below and read how this works. My opinion is-I can't imagine how this can work for the homeowner as Subprime lenders do not have FHA approval to do loans. It would take a mortgage lender that is a major servicer to even have a department that would do this type of loan and the major investors are busy trying to take care of their own customers. There is no wonder that this gentleman was extremely frustrated at the runaround that he was getting. My advice to him was that he should contact a local Realtor and put his home on the market. He should not take a chance on losing the equity that he has and he needs a fresh start. See information below:
FHA Announcing HOPE for Homeowners Program:
The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes. The program is effective from October 1, 2008 to September 30, 2011. As many as 400,000 homeowners could avoid foreclosure through this program over the next three years. To find out about H4H please visit: http://www.fha.gov and click on the "HOPE for Homeowners" links.
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