December 24, 2010
There are several ways you may learn about qualifying and participating in HOPE for Homeowners. You can discuss HOPE with your existing lender to see if you qualify, but you can also discuss HOPE arrangements with a new lender. If you are working with a loan counselor, HOPE may be suggested as an option. No matter how you learn about HOPE for Homeowners, there are several requirements, rights and responsibilities you should know before committing to refinancing with an FHA home loan under the HOPE program.
DEFAULT STATUS
One important qualifying factor in the HOPE program is the status of your default. There are many stories in the news about people in variable rate mortgages who could not afford the payments when the interest rates increased; some of those news stories are about people who simply walked away from their homes. If you are interested in the HOPE program, do not intentionally default on your existing mortgage. If you simply can
Bruce Reichstein has spent over three decades as an experienced FHA and VA home loan mortgage banker and underwriter where he was responsible for funding “Billions” in government backed mortgage loans. He is the Managing Editor for FHANewsblog.com where he educates homeowners on the specific guidelines for obtaining FHA guaranteed home loans.
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