Which Lenders Are Doing The Hope for Homeowners Program?
Advertisements
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.
Nevertheless, I get an email or two every day from consumers and mortgage brokers alike asking me which lenders are taking part in the program. So I would be remiss in not giving out a link to the place where you can find the complete list of lenders who are taking part in the program. The list is updated on Fridays.
So here it is: Hope For Homeowners Lenders List
If anyone has any success (or horror) story about using the H4H Program, I would love to hear about it.
If you are a mortgage broker, or loan originator, don’t give up on the FHA programs just because these new programs turn out to be a bust. Get some training on FHA guidelines and prepare yourself to help all the new buyers that are going to be coming into the market.
Tagged with: FHA guidelines • FHA Training • H4H • Hope for Homeowners
Filed under: Hope for Homeowners
Like this post? Subscribe to my RSS feed and get loads more!
FHA Loan Advice is a great site! Adding to my blogroll for sure…
From another comment thread – a short sale expert comments on the programs:
“I am an agent that does nothing buy short sale loss mitigation. I have about 40 of them in process right now. I have written many articles about the fallacy of government mandated loan modifications.
In a nutshell, mass loan mods don’t exist because there is no real “bank”. There are investors. It is pretty much a violation of contract law for the government to mandate that contracts be changed to satisfy a distressed borrower. I’m not hear to say that this is right or wrong. It just is.
Countrywide’s program is based on an 11 State Lawsuit centered on predatory lending. If your file doesn’t qualify, it’s because you didn’t meet the criteria that is outlined in the lawsuit. I have customers that do qualify, and they are still pursuing a short sale.
Kitty, I don’t know your situation inside and out, but I would be very skeptical about giving up the short sale to pursue a loan modification.
You made a comment in your previous post about compassion, and I agree with you, sort of. But, if you want to resolve your problem, you need to think like a loan servicer, who by nature, are not compassionate. You cannot force compassion.
It’s important to remember this, because CW is not necessarily the bank. They are the loan servicer. Most likely, they can’t even make the decision. The guys (or gals) that own the loan make the decisions. The only decisions that they will make are the ones that make financial sense.
Call them cold-hearted, but that is how business works. The only way to beat them, is to join them. You need to prove to them that your solution is better for them, than the alternative, foreclosure. If your plan is decent, they will listen.
I have only had one customer get foreclosed. And that’s because his ego got in the way and he wanted to “stick it to the bank”.
Hang in there and you can get this taken care of. If you ever want to email or call, Anthony has my info.
From No Hope for Homeowners – Foreclosure Prevention Program Falters, 2008/10/29 at 9:37 AM
Dialogue with a borrower facing foreclosure:
http://yourmortgageoryourlife.wordpress.com/2008/10/27/no-hope-for-homeowners-foreclosure-prevention-program-falters/