Hope for Homeowners Mortgage Assistance Plan

The Hope for Homeowners program was initiated in the fall of 2008 as a way to provide foreclosure and mortgage help to over 400,000 families across the country, and to help those homeowners from potentially losing their homes. It was also tasked with helping to stabilize the national housing market, and to also protect neighboring home values and prevent foreclosures. It has not been as successful as initially planned, mostly due to a lack of incentives to banks to participate, and also do to a lack of awareness from homeowners. However, the plan was recently revised to improve it, and read about the improvements. More.

However, the plans is still available as an option today, and people who need mortgage help should review this as a potential solution. The plan works as follows:

In exchange for a federal FHA loan guarantee on your existing home mortgage, home borrowers would need to share any profit from the future resale of a FHA refinanced home with the federal government. The program still can assist many borrowers who may be in danger of losing their home to a mortgage foreclosure. The Hope for Homeowners program will assist homeowners with refinancing into lower-cost government backed and insured home mortgages that home owners can afford to repay.

In addition, this mortgage assistance program also provides over $200 million in additional aid for legal assistance, budgeting education, and mortgage counseling that will help families in need stay in their homes.

The Hope Now plan is not a bailout for homeowners or banks. It protects federal taxpayers by requiring that both homeowners, baks, and lenders to take responsibility for their actions. In order to participate in this Hope for Homeowners program, both banks, mortgage investors, servicers, and lenders must take significant losses by reducing the loan principal, and this is what has caused the program to not be as successful as was anticipated.
 

Only the primary home that someone lives in is eligible for mortgage help from this plan. Investment properties, second and third homes, and housing speculators will not be refinanced from the federal government.

Hope For Homeowners can also aid you even if the value of your home is less than the total mortgage amount you have outstanding, so if your home is underwater. You can be delinquent or behind on payments and still qualify for aid. And even if you have a fixed rate loan, you still may be able to get mortgage help from the Hope Now, Hope for Homeowners program.

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