Status of HOPE for Homeowners – Is there Hope?

Saturday, August 1st, 2009 Government Hope by seidel.phyllis

Anyone seeing any impact from these changes?

Announcing Changes to the HOPE for Homeowners Program

On May 20, 2009, President Obama signed into law the Helping Families Save Their Homes Act.  This act modifies the HOPE for Homeowners Program with the goal of helping additional families avoid mortgage foreclosure.  FHA is currently preparing guidance related to these changes, and anticipates releasing it in the near future.  The statutory changes to the program include:

•  Additional compensation for primary and subordinate lien holders.
•  Establishing incentive payments to servicers of loans refinanced under the HOPE for Homeowners Program, as well as originators of new HOPE for Homeowners mortgages.
•  Reducing costs of the program to the consumer.

To learn more about the changes to the HOPE for Homeowners program and other important provisions contained in the Helping Families Save Their Homes Act, click here.