“Hope for Homeowners” Mortgage Debt Consolidation Program

[Oct 28, 2008.]

 

You should be disappointed in the federal government at this point.

Not sure if that disappointment is directed at the right institution at this point but the government should have know that adopting the “Hope for Homeowners” FHA program was going to be difficult for mortgage lending institutions.

To date the “Hope for Homeowners” FHA program has yet to be adopted by any mortgage lending institutions leaving over $300 Billion of “government rescue money” on the table unused.

For those of you who don’t know about this program you can find more details at HUD’s main site.

The program is designed as a mortgage debt consolidation program for those with an upside down mortgage and/or those facing foreclosure. The premise of the program was to allow homeowners access to a FHA insured mortgage loan program that would allow them to refinance the current mortgages that have balances higher than the actual current value of their home. This loan also allows those homeowners facing financial difficulty a solid mortgage debt consolidation program to rely on. This sounds a bit to good to be true so remember that there are rules to follow and not everyone will qualify.

As you can imagine this program will help millions of families across the country who are in need of a mortgage debt consolidation program. We just need mortgage lenders to stand up and commit to helping the economy by providing the “Hope for Homeowners” FHA program to homeowners in need.

It’s equally important to increase awareness of this program because it is very common for homeowners to completely give up ahead of exploring all options. If you know of anyone in need of help please give them details on this program.

To find out more information you need to contact HUD or a professional Loan Consultant.

 

About Author:

Brent Lane is a Mortgage Consultant in Roseville, California. He helps homeowners in California with their mortgage financing and writes on his BLOG at www.thelanegroup.blogspot.com