There is literally HOPE for homeowners worried about defaulting on their mortgages. HOPE is a program created by Congress that lowers monthly payments by refinancing mortgages and extending the mortgage out to 30 and 40 years. The mortgages would be at fixed-rates and the program is aimed at keeping homeowners in their homes. The program started on October 1, 2008 and will continue until September 30, 2011.
Information is available through the Federal Housing Administration (FHA). Also, homeowners can obtain eligibility requirements by contacting their existing lender or a new lender. All mortgages must have existed before January 1, 2008 and the homeowners' current payments must exceed 31 percent of the homeowners' gross monthly income as of March 1, 2008.
The program is not available for homeowners who have intentionally defaulted on their mortgages, who own other real estate, or have been convicted of fraud in the past 10 years or provided false information to obtain the mortgage being considered for refinancing.
Troy Trumm, Trumm Team - Omaha, NE