“Hope Now”
The Bush administration announced today a new mortgage industry coalition aimed at helping homeowners avoid foreclosure. This coalition dubbed “Hope Now” is designed to help an estimated 2 million homeowners whose adjustable rate mortgages are now resetting at much higher rates.
Treasury Secretary Henry Paulson said at the announcement that “a combination of stagnant or falling house prices, low down payment mortgages, and resetting adjustable-rate mortgages are creating real challenges for many American homeowners.” This is why he said that eleven of the largest mortgage companies, representing 60 percent of all mortgages in the US, had agreed to join “Hope Now”. Paulson also added that “These lenders recognize that by working together, coordinating and scaling up their activities, they will be able to work toward the goal to help more homeowners.”
Estimates are that adjustable rate mortgages resetting from their fixed rate could raise an average of an extra $250 to $300 a month in payments on a typical $1200 monthly mortgage payment. Realistically these lenders have no choice but to help homeowners or risk massive foreclosures and short sales.
Goto Forbes to read more about the coalition to help avoid foreclosures.
October 17th, 2007 at 7:38 am
Our mortgage is going up in December by 5OO.OO more a month and our mortgage company is of no help. We do not want to lose our home we raised our children here but the future looks grim for us.
Please help if you can.
Thank you
October 20th, 2007 at 8:01 am
fha has approved loan at lower interest rate but current mortgage holder ameriquest citi bank will not waive 5000 prepayment fee my loan will adjust in november from 960 to 1200 please help if you can
October 22nd, 2007 at 11:31 am
How do we request help from lenders who participate in the “Hope Now” programs?
November 5th, 2007 at 7:06 pm
Got a double whammy. Losing job in mortgage industry after 20 years and also have an arm resetting. What now?
December 8th, 2007 at 9:18 am
Our mortgage company Option One will not help at all. My husband is a 100% disabled veteran our loan adjuste in June of 2007 the payment went up nearly $400.00 and it is due to adjust again in January 2008, presently it takes a third of my husbands disability to pay the mortgage.
February 8th, 2008 at 6:57 pm
I called CIT to try to have one payment moved to the end of my loan (second loan $713) they advised me that they could not help me because I was not in default yet. I asked them if it was their corporate policy to only help if you are over 30 days they said it was. I was trying to avoid the 30 days late and just needed the second loan postponed for one month while I got back on feet after shutting down my Title Comapany. They were of no help.
June 15th, 2008 at 1:37 pm
Please help. I have a house payment that is out of control.