HUD Foreclosure Guide Part 3 – Refinance Options

by admin on February 20, 2009

In November 2008, the Bush Administration announced the “Hope for Homeowners” plan to assist troubled borrowers with their mortgage payments. This plan was the precursor to Obama’s recently launched plan, the Foreclosure Prevention Program. The Bush plan also focused on loan modifications, but did not provide the same strong incentives that the new Obama plan has built into it. One of the big optoins in the Hope for Homeowners plan is that lenders could extent the loan term from 30 to 40 years.

You can read through the Hope for Homeowners FAQ to learn more about that program.

Give HUD 2 to 3 weeks and they will have pages with details about the new Foreclosure Prevention Program, for now only the older program has information on their site.

If you have a difficult lender who refuses to respond to your letters or take your calls, you should contact the FHA’s National Servicing Center at this toll free phone number: 1-888-297-8685. Another important step if you are dealing with an uncooperative lender is to talk with a HUD Approved Counselor, they are there to help you, so do the right thing and get help.

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