FHA Hope For Homeowners Helps 400,000?

The FHA Hope For Homeowners has not quite lived up to its expectations. A recent report finds the following:

"The three-year program was supposed to help 400,000 borrowers avoid foreclosure. But it has attracted only 312 applications since its October launch because it is too expensive and onerous for lenders and borrowers alike, [Secretary of Housing and Urban Development Steve] Preston said in an interview."

I guess its tru that there is more hope for a loan modification than there is with a Hope For Homeowners FHA short refinance.

Hope For Homeonwners Toted By FHA Gurus

The FHA Hope For Homeonwers program is well underway. The problem is that the current lender must offer a reduction in the principal balance for teh FHA short refinance to work. THis is easier said than done. The FHA short refinance may become more popular in 2009.

FHA Florida Short Refinances

FHA Hope For Homeowners Lenders

There are a number of FHA lenders offering the Hope For Homeowners program. This is an FHA short refinance that allows the homeowner to dramatically lower the mortgage balance with a new FHA loan. The Hope For Homeowners Lenders are available for short refinance opportunities. Here is the list.

The lenders listed below have indicated an interest in refinancing loans under the HOPE for Homeowners program. When contacting any of the lenders listed below, you are strongly encouraged to contact your servicing lender and any subordinate lien holders since their participation is vital for you to refinance into a HOPE for Homeowners mortgage. It is important to remember that the HOPE for Homeowners program is voluntary and your servicing lender may offer different solutions for avoiding foreclosure.

When contacting any lender on this H4H list, please use the contact information provided. Do not give anyone money or pay any fees until you have spoken with your existing lender and know it is participating in the HOPE for Homeowners Program.

If you are experiencing difficulty in communicating with your current servicing lender and/or subordinate lien holders and if they are tough loss mitigators then you may wish to contact a housing counseling agency to ask for advice and assistance in reaching a mutually agreeable solution for avoiding foreclosure.
To view the list of lenders who are participating in the HOPE for Homeowners program click on the link on the FHA.gov website. I believe Wells Fargo and Hope For Homeowners are lenders for H4H that are picky.

The H4H Lender List was updated on October 31, 2008. We will refresh the list on most Fridays.

The above was from FHA.gov website. Check back for more information soon on the Hope For Homeowners program from FHA.

Wondering what FHA Short Refinance is all about?

People hgave been wondering what FHA short refinance is all about. This has been going on for some time and the questions are still left unanswered. Take a trip around the FHA short refinance blogs and see what we come up with.

The FHA SHort Refinance information

Saving the shortened FHA refi ledger

This is your FHA short refinance

FHA is a short refinance

The information is vast and the rfeinancing activity is ongoing. Rules have been promolgated by HUD in a mortgagee letter and we are discerning the information daya by day on the blogs.

Short Refinance through FHA

The short refinance through FHA is picking up steam in the blogosphere. There are a number of reasons for this refinancing activity increase through FHA. For one, the short refinance is simpler than a long refinance from a time perspective. Forget that, that wasn't what I meant. Let me explain what short means in terms of FHA refinance short loans.

Short FHA Refinance is better explained on one of these other blog posts. The FHA short refinance is about a short payoff amount and the Hope For Homeowners program is hopefully going to encourage lenders to shorten the payoff amounts for FHA refinances in the near future.

Short FHA Refinance

Hope For Homeowners

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has previously stated his intention to introduce legislation that will create a new program within the Federal Housing Administration (FHA) to provide aid to distressed borrowers currently trapped in mortgages they cannot afford.

“This is the worst housing crisis of our lifetime, and we’re in a recession as a result of it,” said Dodd. “The question is, how deep is this going to go? How long-lasting will it be? We need to move aggressively – cautiously, prudently, and thoughtfully – but aggressively, in order to regain our financial footing and ensure a crisis of this magnitude does not occur again.

Under the “HOPE for Homeowners Act of 2008," new mortgages that are offered by FHA-approved lenders will refinance abusive loans at a significant discount for homeowners facing difficulty meeting their mortgage payments.

FHA's Avoid Foreclosure Program is Hope For Homeowners. The PDF version of the Hope for Homeowner's Act is easilly readable in the formatted edition.

Pre-approved Short Sales in Florida

Has nyone hears of how to preapprove a short sale in Florida? The short sales are not approved normally in advance. How can you then pre-approve a short sale?

Florida short sales can apparently be pre-approved. More on this story later as real estate in Florida is investigated through the short sale process.

Hope For Homeownership

FHA has a new program. The Hope For Homeownership program!