Hope Now Alternatives - Home Owners With Subprime Mortgages
Hope Now is a mortgage industry alliance assisting homeowners in distress.
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Members of this alliance have proposed 3 ways to help American homeowners avoid foreclosure.
1. Refinance an existing subprime mortgage into a new home loan.
2. Extend current interest rates for 5 additional years, the 5 Year Freeze.
3. Move subprime mortgages into the FHASecure program.
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Encouragement From President Bush
"For individual homeowners, the subprime mortgage problem is more difficult. Many of those feeling financial stress have an adjustable rate mortgage, which typically starts with a lower interest rate and then resets to a higher rate after a few years.
Many of those borrowers cannot afford the higher payments. And now some are fearing foreclosure - which is a terrible burden for hardworking families and a source of concern for entire communities and neighborhoods across our country.
Hope Now members have agreed on a set of industrywide standards to provide relief to these borrowers in one of three ways: by refinancing an existing loan into a new private mortgage, by moving them into an FHA Secure loan, or by freezing their current interest rate for five years." --George W. Bush, December 2007
Seven Questions To Ask Hope Now
1. How do I know which option Hope Now is best for me?
2. Can my interest rate adjust at any time in the future?
3. Will my monthly payment remain the same?
4. Are there any prepayment penalties?
5. Am I required to refinance in the future?
6. Will any deferred interest be added to my mortgage balance?
7. Do these options cost me?
So homeowners, contact Hope Now using the toll-free hotline at 1-888-995-HOPE. Be encouraged. Homeowners in distress can have a new beginning.
The greatest American dream is to own a home and be a home owner. If you've been enjoying my website, you know I say. It's your home and your mortgage. No one cares more about it than you!
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More Help To SAVE Your Home
"Can I do a Mortgage Loan Modification myself?" The answer is yes. But find out the first question you really should be asking.
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Ask Kate About Loan Modification - Ask a question, get an answer from Kate.
Loan Modification Ask and Answer - A collection of questions regarding loan modification, Home Affordable Programs, HARP and HAMP, each with a individual answer from Kate.
Hope Now! Attention Home Owners with subprime mortgages. There is hope.