FHA HOPE For Homeowners Program

By
Real Estate Agent with CENTURY 21 Award CA BRE 01754681

Has anyone heard of this program and has first hand knowledge of it the working for your clients? 

The HOPE for Homeowners program was authorized by the Economic and Housing Recovery Act of 2008. Since the President signed this vital legislation into law on July 30, 2008, the HOPE for Homeowners Board of Directors has worked diligently to develop and implement the program as directed by Congress. The Board was charged with establishing underwriting standards to ensure borrowers, after any write-down in principal, have a reasonable ability to repay their new FHA-insured mortgage.

The HOPE for Homeowners program begins today and ends September 30, 2011. The program is available only to owner occupants and will offer 30-year fixed rate mortgages - so the borrower's last payment will be the same as the first payment. In many cases, to avoid what would be an even costlier foreclosure, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.

Read more about HOPE for Homeowners at www.hud.gov/hopeforhomeowners.

 

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California San Diego County Chula Vista
Tags:
distressed homeowners
hope for homeowners

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Rainmaker
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Kathryn Gorham
Green Key Realty - Emerald Isle, NC
Emerald Isle NC Crystal Coast

Terry we have less than 1% of our homes in foreclosure - but that may change. This could be interesting option for some. I hadn't heard of it.

Nov 03, 2009 11:53 AM #1
Rainer
19,902
Terry L. Bursky
CENTURY 21 Award - Chula Vista, CA

Hi Kathryn, Our foreclosures have slowed down but the defaults are still breaking records. I'm the selling agent in a short sale and the seller hasn't made a payment in 18 months. There has been no NOD filed as of yet. Go figure! My last 9 sales have been short sales and they are moving them through faster now. What was the norm for yesterday just isn't today. We definitely have an inventory deficiency here in the Chula Vista - South bay area.

Nov 04, 2009 04:33 AM #2
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Rainer
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Terry L. Bursky

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