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