Has anyone had success in obtaining a Hope for Homeowners loan?
By
HotJava
Posted on
02/24/09 Total Answers
3
Answers-
yeah, just closed one today. if you make good enough income and have good credit, there's hope.
Answer by :
myohmymyohmy On Date
2009-02-24 20:42:14
That was a largely unsuccessful Federal program. Most lenders don't even participate in it anymore. What circumstances are you facing that would make you consider a Hope Loan?
Answer by :
LuxuryBanker On Date
2009-02-24 20:59:13
It is very hard to find someone who will underwrite this loan. The loan servicer has to agree to take I believe 85% of value, which makes this almost impossible to do. You are also giving the government a percentage of any equity you build over the entire period that you own the home. If you own the home for another twenty years, even though you may refinance several times during that twenty year period, that original agreement you made to share your equity STICKS.
If you still have income but your payments are now more than you can afford, you can apply for a loan modification. Most lenders are willing to do these, and many will do so before you've even missed a payment. Your payment can be reduced to 31% of your gross income. Details of Obama's new program will be released on March 4th. Any bank that received TARP funds will be required to do loan modifications.
Hang tight...hope is in sight!
Answer by :
carmensellsthehighdesert On Date
2009-02-25 00:17:47
