Hope For Homeowners: a new hope and a new man with a slightly different plan
President Obama and his Administration has just announced a new part of the Making Home Affordable Plan. He has signed a new act to be known as Helping Families Save Their Homes Act. The purpose of this addition to the Obama homeowner assistance plan is to tweak the guidance and terms of the Hope For Homeowners Plan. The changes will make the failed Homeowner assistance and mortgage refinance program user-friendly and ultimately effective.
Remember that the Making Home Affordable Plan is an umbrella plan that manages various assistance programs such as HAMP – the Home Affordable Modification Program as well as HARP the Home Affordable Refinance Program.
HARP is the mortgage refinance assistance program and HAMP is the loan modification program. Both of these programs have done well.
Hope For Homeowners was set into action on October 1st of 2008 by president you know who. In a nut-shell Hope For Homeowners is a Mortgage Refinance Program that is backed and insured by the FHA. The terms of the mortgage refinance and Homeowner assistance program are to complicated and restrictive, there are no real incentives for the mortgage lenders to take part. Even with the improved term that were set in place by program modifications on November 15th of 2008 the Hope For Homeowners Program was hopeless.
That was then. Today there is a new hope for the Hope For Homeowners Mortgage Refinance Program. Let us all hope that the new changes passing through via the Make Home Affordable Plan will create the effective and beneficial Hope For Homeowners that the American Homeowner desperately needs.