Hope for Homeowners – H4H
FHA – the Federal Housing Association – is offering the Hope for Homeowners Mortgage Lending Program. It is a solid step to help homeowners who are in distress by having a difficult time making their mortgage payments.
The program will allow borrowers who qualify to refinance into an FHA insured mortgage. Borrowers who are in a loan workout or some type of loan modification program because of having a hard time making their mortgage payments will be given consideration under the H4H program.
Not everyone will qualify for this program. If you have stopped making your mortgage payments you will want to re-establish monthly mortgage payments with your lender – get back on track – and do this for at least 3 months.
It could be that some lenders might not participate in this program and if that is the case you will need to consider other loan workout options. Simply call your lender and ask if they are participating at this time. If they say “no” than ask if they plan on participating in the near future.