Hope For Homeowners Program~Will It Stop Some Foreclosures?

By
Services for Real Estate Pros with Real Estate Consultant

money

FHA'S HOPE FOR HOMEOWNERS PROGRAM

As of the release date on November 1, 2008 very few people have made application for this mortgage aid program. I don't know the reasons why there has been an underwhelming application, but it might be because homeowners haven't heard about it.  I recall during the summer a few blurbs about an aid program being worked on, but not a whole lot of media about the actual release. Some people might think...where's Lori been? Under a rock or in a cave? But I have talked to several people and they say they haven't heard of it either.

When I read a post today by Candace Robinsonabout this issue I started doing some research. There is alot of resource on the Internet. The first link I want to share is the government's site for the program. I think it is a great place to start. http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL

The first advice they give is for homeowners to get in touch with their lenders to see if the lenders are willing to work with the program. The site is very helpful in explaining what will be involved in making application. And some qualifications as well.

The second link I want to share with you is Countrywide/BofA's Homeownership Retention program. They will not start taking applications until December 1, 2008. (Maybe this is why there hasn't been very many applications as of yet because all the Countrywide clients haven't been able to file)

And finally a link to a full report on CNN.com about the program and it's slow start.

It sounds to me like there is a tiny flicker of hope and we have to spread the word!

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Rainer
14,391
Wioleta Kapusta
Realty ONE Group - Goodyear, AZ
MBA, ePro

Lori, thank you for the great information. Nice to see that there are steps being taken to help the homeowners in need. I recently posted a blog with some websites offering help for homeowners in need to avoid foreclosure. Please feel free to visit it.

Nov 17, 2008 08:20 AM #1
Rainer
57,867
Lori Franks
Real Estate Consultant - Brookings, OR
Brookings, Oregon

Wioleta- thanks for stopping by and being the first to comment on this post. Homeowners need all the help they can get right now!

Nov 17, 2008 08:27 AM #2
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Rainer
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Lori Franks

Brookings, Oregon
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