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Hope For Homeowners-There is a solution.....
Well it's close to the end of the month and still no national lenders have committed to lend under the new HOPE FOR HOMEOWNERS being proposed by FHA/HUD. It's really not hard to understand why no national and/or regional lenders have stepped up to the plate to finance under the program. After reading, in detail, about what risks to a new lender are and what little future benefits a new lender would get, it not hard to really truly understand the problem. Unless the government adjusts some detail about this program its hard for us to see any lenders stepping up to the plate.
Another major draw back to the program is the borrower's requirement to give up future equity in their homes. Right now many are left under the assumption that there is no other choice and they have to give up anything in-order to get help! That is all the borrower needs, especially the ones who ran into unforeseeable circumstances that helped cause some of their problems. Most people we speak with still have jobs, and have the ability to pay but because most mortgage servicing company employee's are trained to collect payments there is little help or guidance ... more
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