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 for the homeowners who need the help!. Many pass these helpless borrowers over to unorganized housing agencies who all operate under different charters and bylaws, and which most employees who work at these organization are underpaid, overworked and understaffed facilities handling hundreds of calls a week. What most people don't understand is that many of these employees of the current mortgage company's and non-profit agencies don't get incentives on solving foreclosure problems. Most would like to pass your call to someone else to handle mainly because they are limited in their resources and abilities. That's where we come in.
We believe that in many cases we could renegotiate terms that make sense for homeowners to stay in their homes. If you asked us this a year ago we would not be so optimistic.
To find out if you or your client's might qualify to save their homes under favorable terms go to WWW.HOPEFORHOMEOWNERSHIP.US
Click the yellow link to register and complete the online application. You or your client will be contacted within 24 hours of receipt either by phone or e-mail.
800.922.3210 ext 121