The U.S. House will vote on a bill next week to overhaul the Hope for Homeowners program, which by many accounts, has been a flop so far.
Congress approved the program in July with the hope that it would aid 400,000 home owners. So far the program has attracted only 451 applicants and just 25 loans have closed.
“HOPE for Homeowners, was designed to help families refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure,” says NAR President Charles McMillan. “Despite being well-intentioned, the HOPE for Homeowners program has had limited success.
Lenders have found the program difficult to participate in because of many of the program’s constraints."The proposed revision to the program, which NAR supports, will lower participation standards, cut costs for consumers and reduce the cost of implementation for lenders.
The proposed reform will also provide a safe harbor for mortgage servicers that modify loans and make permanent the increase in deposit insurance to 250,000.(Read NAR Backs HOPE for Homeowners.)
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Congress approved the program in July with the hope that it would aid 400,000 home owners. So far the program has attracted only 451 applicants and just 25 loans have closed.
“HOPE for Homeowners, was designed to help families refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure,” says NAR President Charles McMillan. “Despite being well-intentioned, the HOPE for Homeowners program has had limited success.
Lenders have found the program difficult to participate in because of many of the program’s constraints."The proposed revision to the program, which NAR supports, will lower participation standards, cut costs for consumers and reduce the cost of implementation for lenders.
The proposed reform will also provide a safe harbor for mortgage servicers that modify loans and make permanent the increase in deposit insurance to 250,000.(Read NAR Backs HOPE for Homeowners.)
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit www.WilsonRealtors.Net
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
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