Thursday, December 25, 2008

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.

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