IS A SOLUTION COMMING?

Is there light at the end of the Tunnel?   Can the Congress provide help for Homeowners in risk of losing their homes?

A massive foreclosure rescue bill cleared a key Senate test. It would allow the Federal Housing Administration to back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers.

As Congress debates how to best address the sub prime mortgage debacle, we asks: is it true that the plans are going to work?  Will it help homeowners are risk of foreclosure, how about those already in the foreclosure process?

The Hope Now alliance said that they have help thousands of homeowners, but many of us know that it’s not easy to get a hold of them.  Most of the time the banks don’t have clear policies and computers are making the decisions based just in numbers…
Is it possible that a solution for homeowners that were steered into subprime scams to get help?  Some people make very bad decisions when they were listening to the expert mortgage brokers…

We will post a complete analysis of the project that the congress is proposing and how to benefit from it. Please make sure that you register in our list so you receive news of the new changes.

 

Goverment Announced Plan Life Line
Pause Foreclosure for 30 days - Here how it works!

The Federal Goverment has convinced the biggest lenders in the country to designed a new plan to help homeowners with problems with their mortgages. The program is called Project Lifeline.

The program target ALL 90 days or more delinquent homeowners. Project Lifeline is encouraging homeowners to reach out to their mortgage servicer or counselor (fill out the form for the official list in your state) . The Project Life Line will “pause” the foreclosure process, where appropriate, through a single call

What you need to do to qualify for a mortgage modification?

Step 1 – call your mortgage servicer.
Step 2 – tell the servicer you have received the letter, you want to stay in your home and you are willing to seek counseling, if necessary.
Step 3 – provide updated financial information so the servicer can explore an appropriate solution.
Step 4 – if appropriate, any pending foreclosure may be “paused” for up to 30 days during this review process until a formal decision is made and, if possible, a plan is created.
o Step 5 – If a workout plan is established and the homeowner follows the plan for three
consecutive months, their loan will be formally modified as they will have
demonstrated their ability to meet the requirements.
For more information please click here.

Check if you qualify for the Plan Life Line

There are several plans to help you with the mortgage. Do you qualify for one? Which One? Let's see

First you need to identify in which group or situation you are. The goverment has plans for everybody. You need to know to which you apply. In which group are you?

1. First Group : You have a "teaser" or introductory interest rate ( very low ) and you are NOT able to pay it. You will end up in Foreclosure

2. Second Group: You have a teaser rate that will adjust. When the rate resets and the monthly payments jump up you WILL be able to pay.

3. Third Group: You have a teaser rate and CAN refinance your house into another loan because you have enough equity. Your house is worth more than what you owe.

4 Fourth Group: You can afford the teaser rate, but CAN NOT afford a higher rate. You CAN NOT refinance because you owe more than the house is worth.

5. Fifth Group : you are already in foreclosure. You couldn't keep making the mortgage payment either because you bougth more house than you could afford, your teaser rate reset and it was too high, your financial situatio changed or any other reason.

PLANS ACCORDING TO THE GROUP

If you are part of the Second Group or Fourth Group you may qualify for the Freeze Rate Plan. Please keep making your payments on time and contact the goverment at the number 1-888-995- HOPE. If you have tried and were not able to talk to any one, we can refer you to one of the several non-profit and goverment approved agencies in your state. Please contact us filling out the form on the top of the page. You can always contact us by email at info@hopenowmortgages.com

You need to apply to the freeze plan!!! For more information about the plan and to know the qualification requirements click here

Check to see if you qualify for the "Freeze Rate " Program

If you belong to the Third Group there is something for you too. The goverment created the FHASecure. This is a plan for homeowners with marginal credit who may have been late on a few house payments recently. Under FHASecure, some of these homeowners are eligible to refinance into FHA-insured, fixed-rate mortgages. If you are in this group please click in the link for more information. You can also contact us and we will refer you to a Mortgage Agency that we trust. They will offer you the lowest rate out there.

If you are in the First Group or Fifth Group there is finaly something for you. The goverment didn't have anything before because they considered that homeowners in this group were investors or people who bougth a house that they couldn't afford.
Now the goverment has created the "Plan Life Line" and it will help thousands of people like you that are being hit by the mortgage meltdown and other unforseen situations. There are requirements to qualify for this plan too.

Check if you qualify for the Plan Life Line

If you have a problem with your mortgages remember that the goverment and the banks have designed plans to help homeowners in your situation. You have a way out. It may not be the one you wish, but if you know what you have available you can decide what to do.

What Alternatives You Have?
It depens of your group. But in general they are:

1. Refinance your Mortgage: This is always an option for those who have enough equity in their house, a good credit score and a plan to stay in the house for some time.
This is the best time to buy a house or refinance your mortgage. The interest rates are very low and you can save thousands of dollars in interest. You know that you need to be careful and opt for fixed rates loans for 15, 30 o more years. If you pay just $50 more a month in a $100,000 mortgage you can cut the length of the mortgage 6 years!!!
We can put you in contact with one mortgage agency that we trust. We selected them because it was the cheapest we found and they have more than 20 years in business. Please fill out the form on top for more information.
You can also check our advertisers. Please compare at least 2 or 3 .
The average rates for mortgages in the last week for the whole the country are:

2. Moving your Mortgage into an FHASecure loan:
The goverment has created a program called the FHASecure that will allow homeowners that have a good credit history but can not afford their current monthly payments. To check if you qualify and know more about the plan please click here. This option is also available through some of our advertisers and the mortgage agency we recommend.

3. Freezing Your current interest rates for five years:
To check if you qualify please click here. If you do, you need to contact your mortgage company as soon as possible.

4. Apply to the Life Line Program:
They will pause your foreclosure for 30 days. During that time you and the bank can look for a loan that will allow you to keep the house and them to keep the loan. Everybody is losing, try to loose the least. click here to see if you qualify for the life line program

You need to act now. Don't wait until the rates go up or until you get deeper in problems. If you have additional questions please send us your email at info@hopenowmortgages.com or fill out the form on top.