FHA Hope for Homeowners - List of Participating lenders announced

By
Real Estate Agent with Better Homes and Gardens Mason-McDuffie Real Estate

FHA has come out with the current list of lenders who have expressed an interest in participating in the progrgam. The list will be refreshed on most Fridays.

This program became effective as of October 1st, 2008 and runs through September 30, 2011. Congress anticipates that as many as 400,000 homeowners may be able to avoid foreclosure by going through this program.

The program is voluntary for lenders to participate and has several components.

First, the borrower's loan would be refinanced and set to 90% of the current appraised value with the lender taking a loss between the current loan and the new amount, or the lender could decide to modify the existing loan, rather than take a loss.

Second, the borrower's eligibility is reviewed. The mortgage had to have originated on or before January 1, 2008, and mortgage payments as of March 1, 2008, exceeds 31% of the borrower's gross monthly income. Also, the borrower did not intentionally default the loan and does not have ownership interest in other real estate and has not been convicted of fraud in the past 10 years, and no materially false information was used to obtain the loan being refinanced.

For more details click on the links above.

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Topic:
Lending / Financial
Groups:
Advice and Valuable Information for Agents
Foreclosures & Short Sales
Realtors®
Tags:
fha
hope for homeowners
loan modification
loan
foreclosure
congress
lender list

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Rainmaker
997,806
Evelyn Johnston
Super Agent, Probably the Best Agent in the Galaxy
Elkhart County Subdivisions, LLC

Great post Bonita, I will print out the list and keep it in my presentation book for short sale presentations.  Thanks for the info.

October 24, 2008 08:23 PM
Rainer
33,184
Sue Paige
ERA Today Realty, Windham, ME 04062

Thanks for the information. I printed the list. Not much available for here in Maine.

October 27, 2008 02:47 PM
Rainer
12,691
Bonita Malone
GRI, SFR, CDPE
Better Homes and Gardens Mason-McDuffie Real Estate

Evelyn and Sue ~ I am glad you found the information useful. Hopefully the list will grow.

October 27, 2008 10:04 PM
Rainmaker
206,386
Eric Egeland
SFR, e-PRO, CDPE
RE/MAX SUBURBAN

Thanks for the information Bonita.

Its odd that the information isn't more readily available. Hopefully this will help matters.

November 26, 2008 02:36 PM
Anonymous
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Rainer
12,691

Bonita Malone

GRI, SFR, CDPE
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