You purchased a home a couple of years ago. Now your subprime adjustable rate loan is about to re-adjust upward and you don’t know how you’ll make the payment, Now there’s help.
Under an initiative announced in December - Hope Now - homeowners with subprime loans are finding help in resolving their mortgage woes. Hope Now is an agreement entered into by lenders, loan servicers and mortgage investors. The initiative provides an interest-rate freeze on the loan so that the borrower has time to work out a solution.
The first course of action to take is to call the national counseling hotline - 1.888.995.4673 - to talk to a HUD-approved counselor. This number has counselors available 24/7. The counselor will collect information about the homeowner’s financial situation and determine eligibility to participate in the program. You may be eligible if:
1) you’re current on your loan and expect to stay current after the rate adjusts upward but need to refinance;
2) you’re current but may default after the rate adjusts,
3) or you’re in default even before the rate adjusts.
In addition, you must have secured your financing between January 1, 2005 and July 31, 2007 and your rate is set to adjust between January 1, 2008 and July 31, 2010.
However, any homeowners who is facing default for any reason can call to get counseling. It costs nothing and may provide an answer to your mortgage woes.
1 response so far ↓
Brien Riff || Feb 27, 2008 at 4:56 pm
There is also a new FHA program. It allows you to refinance even if you have lates.
Here are the details.
You were current until the loan reset or changed in rate.
Your house will appraise for what you owe.
There is a lot more to talk about than this but if you want more information drop me an email.
brien@pmloans.com
Leave a Comment