Don’t forget the “Hope” hotline for those in trouble with home mortgages!
March 24th, 2008 . by Mike KellyNew Hot line: 1-888-995-HOPE (4673).
Under the new plan, lenders can help homeowners by:
• Refinancing an existing loan into a new private mortgage
• Moving them into an FHASecure loan (problem is that FHASecure is not necessarily an alternative for the high-cost Bay Area. The limit for an FHA loan is $362,790).
• Freezing their current interest rates for five years
Eligible homeowners:
• Must live in their home
• Loan originated Jan. 1, 2005 to July 31, 2007
• Missed no more than one payment
• 3 percent or less equity
• Credit score of 660 or less
Through October, there were about 1.8 million foreclosure filings nationwide, compared with about 1.3 million in all of 2006, according to Irvine, Calif-based RealtyTrac. With home loan defaults still rising, the trend is expected to worsen next year
