I recently posted a blog where I encouraged homeowners who owe more on their home than the home is worth to take a new hard look at the newly revised Hope for Homeowners program before considering a short sale or foreclosure. I have received several emails from homeowners who allege that lenders are not honoring or even acknowledging the program. Some write that certain lenders will offer alternatives like refinance referral, rate reduction, changing loan terms, etc. in lieu of the Hope for Homeowners program, especially if the homeowner has not been late on their mortgage payments. I would think that this is better alternative to short sale or foreclosure for lenders and their investors because the H4H program offers them a chance for quick recapture of principal from their non-performing residential mortgage portfolios, especially with the new ltv going up to 96.5% of current home value. This program has been restructed to help them minimize the losses associated with foreclosure or short-sale. So, why shouldn't they be rushing to embrace this newly revised H4H program?
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