HOPE Now, a mortgage industry alliance assisting homeowners in distress, helps prevent foreclosure. Currently, many homeowners are receiving help through HAMP, HARP and Making Home Affordable Program in conjunction with HOPE Now.
Initially, members of this voluntary alliance proposed these 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 so-called 5 Year Freeze.
Today, HOPE Now provides free foreclosure assistance and housing counseling services for homeowners who cannot afford monthly house payments.
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
1. How do I know which option 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?
Although several years have passed since the inception of HOPE Now, homeowners can still 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!
Haven't found what you're looking for? Here's the solution! Go ahead and Ask Kate for answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please tell your friends about Special Report! HOPE Now! US Gov't Supports Home Owners With Subprime Mortgages. I hope you'll come back and visit often.
Aug 11, 16 10:49 AM
Aug 11, 16 10:18 AM