Consumers, please listen closely. If you are still holding out hope that a new FHA program is going to save you from foreclosure, then RUN. Do not walk. Find another option before it is too late. Loan officers, stop trying to drum up business for a useless program that had no chance from the start, and then disappointing your borrowers who are already having a bad enough time of it.
I have previously expressed my view that the “Hope For Homeowners” program is really more of a “Hope For Politicians” program designed to make the citizens believe that the politicians really care about them. According to articles I have seen quoting Fox News (although I haven’t found the source quote yet), only 79 borrowers have been accepted into the program in the month since it officially began. Although, to be fair, secondary mortgage market issues can create quite a gap between the legal start date and the actual start date of such a mortgage program.
From HUD: The Housing and Economic Recovery Act of 2008 amends the National Housing Act to authorize a new temporary FHA mortgage insurance program called the HOPE for Homeowners (H4H) Program. Under this Program, certain borrowers facing difficulty in paying their mortgages will be eligible to refinance into affordable FHA-insured mortgages. The H4H Program is effective for endorsements on or after October 1, 2008 through September 30, 2011.
Consumers, please listen closely. If you are still holding out hope that a new FHA program is going to save you from foreclosure, then RUN. Do not walk. Find another option before it is too late. Loan officers, stop trying to drum up business for a useless program that had no chance from the start, and then disappointing your borrowers who are already having a bad enough time of it.
