Oct
02
2008
HUD – Hope for Homeowners Act goes into effect Today
By GreenAdmin
and has 1 comment.
hope for homeowners
Congress passed the bill for the “Hope for Homeowners” program to go into effect during the summer session. This bill is good news for some of those who have trouble paying off their mortgages and are in an essence on the bring of foreclosure.
The “Hope for Homeowners” program has been earmarked to receive enough funding to help at least 400,000 potential foreclosure victims.
Essentially the program will help refinance mortgages for those who can’t seem to keep up with their mortgage payments and are on the brink of foreclosure. The FHA will provide them with a secured loan refinanced in a way they can afford. HUD has given specific requirements for those who would qualify for this type of assistance.