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.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
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

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,277,209
Evelyn Johnston
Elkhart County Subdivisions, LLC - Elkhart, IN
Super Agent, Probably the Best Agent in the Galaxy

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

Oct 24, 2008 08:23 PM #1
Rainer
33,399
Sue Paige
ERA Today Realty, Windham, ME 04062 - Windham, ME

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

Oct 27, 2008 02:47 PM #2
Rainer
12,741
Bonita Malone
Better Homes and Gardens Mason-McDuffie Real Estate - Sacramento, CA
GRI, SFR, CDPE

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

Oct 27, 2008 10:04 PM #3
Rainmaker
231,676
Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

Thanks for the information Bonita.

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

Nov 26, 2008 02:36 PM #4
Post a Comment
Spam prevention
Show All Comments
Rainer
12,741

Bonita Malone

GRI, SFR, CDPE
Ask me a question
*
*
*
Spam prevention

Additional Information