HUD rolls out a new program to help prevent foreclosures.
Friday, October 03, 2008
Tags:   Preventing Foreclosures, Foreclosures

HOPE for Homeowners, a new program introduced by HUD this week could help homeowners prevent foreclosure. The program calls for the lender of an existing subprime mortgage to forgive a portion of the debt similar to a short sale, however instead of foreclosing on the homeowner the balance of the loan is rolled into a fixed-rate FHA mortgage.

 HUD Secretary Steve Preston was noted saying, “For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford,” He continued stating, “FHA remains a safe and affordable alternative to the high-priced mortgage loans that threaten homeowners’ ability to retain their homes. We strongly encourage borrowers to work with their lenders to determine if HOPE for Homeowners is the right program for them.”
 
For more information about eligibility and requirements to qualify for the loan visit
HOPE for Homeowners at www.hud.gov/hopeforhomeowners.
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