Help is on the Way
Categories: Foreclosures, In The News, Real Estate News
hi
After six months of playing political football, Congress is getting close to approving the “HOPE” bill, a $300 billion relief program designed to provide refinancing to as many as 400,000 homeowners in trouble with their current loans.
This bill can assist individuals and families at risk of losing their homes, by reducing their mortgage balances and interest rates, thus avoiding foreclosure.
According to Kenneth Harney, for the Miami Herald, “The program will be entirely voluntary – and that’s a crucial limitation. Lenders and investors who own defaulting mortgages cannot be compelled to allow their borrowers to refinance.”
“The new maximum HOPE loan amount will be 90percent of the current market value of the property, not the value of the house when the lender originally made the loan” said Mr. Harney.
This program will work only with borrowers who reside in the homes being refinanced, cannot own additional houses, have never been convicted of a fraud, are upfront and truthful about all aspects of thier financial status, among several other requirements.
