Friday, October 24, 2008

HOPE for Homeowners Act of 2008

New mortgages issued by FHA approved lenders will refinance distressed loans at a discount for homeowners that are at risk of losing their homes. In return the FHA will share in the future appreciation on the home. The sharing arrangement will continue until the owner sells the home or the mortgage is refinanced. Only homeowners who are unable to afford their mortgage payments will quality. Investors and speculators are not eligible.

See HUD Hope for Homeowners . Free foreclosure prevention assistance is available at Hope Now.

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