October 14, 2008

Avoiding Foreclosure with the HOPE for Homeowners Program

This Summer, Congress created the HOPE for Homeowners program to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. 

To qualify, borrowers must also meet the following criteria: 

  • Their mortgage must have originated on or before January 1, 2008;
  • They cannot afford their current loan;
  • They must have made a minimum of six full payments on their existing first mortgage and did not intentionally miss mortgage payments;
  • They do not own a second home;
  • Their mortgage debt-to-income must be at least 31 percent;
  • They did not knowingly or willfully provide false information to obtain the existing mortgage, and they have not been convicted of fraud in the last 10 years.

While lenders are gearing up to offer this new program, families should not wait to seek mortgage relief.  You can obtain information through any of the following options:

  1. Contact current lender
  2. Contact a local, HUD-approved housing counseling agency at HUD.gov;
  3. Contact the HOPE NOW Alliance at 1-888-995-HOPE; or
  4. Call FHA at 1-800-225-5342.
  5. Visit the FHA website

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