Hope for Homeowners Will Help Many Families, Say Realtors®

For Immediate Release:

WASHINGTON, October 01, 2008

The following is a statement by National Association of Realtors® President Richard F. Gaylord:

“The National Association of Realtors®, on behalf of its 1.2 million members, commends U.S. Department of Housing and Urban Development Secretary Steve Preston and the entire oversight board for quickly implementing the Hope for Homeowners Program. This program will permit families to refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure. Hope for Homeowners will significantly contribute to stabilizing local home prices across the country. The program also protects the investment of the government and taxpayers by allowing them to share in the homeowner’s equity and appreciation.

Careful implementation of the program will ensure lender participation while protecting the FHA fund. We appreciate HUD for reaching out to government agencies, lenders, and other interested parties before implementing the program. Realtors® work to build communities, and by participating in this program, we can do our part to help many families to keep their piece of the American dream.”

Tags: Finances, financial, homeowners, HOPE for Homeowners, relief

More help for those facing foreclosure

Struggling families facing foreclosure will find one more avenue to take-mortgage assistance through a program called HOPE for Homeowners program, which will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).

The HOPE for Homeowners program begins today and ends September 30, 2011. The program is available only to owner occupants and will offer 30-year fixed rate mortgages, so the borrower’s last payment will be the same as the first payment. In many cases, to avoid what would be an even costlier foreclosure, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.

If you are interested finding out more or in attending a planned seminar on this new program, call Linda at 609-417-1084 for details.

Tags: financing, foreclosure, HOPE for Homeowners, mortgage