Wednesday, November 26, 2008

Hope for Homeowner Program is a Big Flop!

The Federal Governments stimulus package that was supposed to help homeowners who are facing foreclosure and who are upside down on their homes turned out to be a big flop. The Hope for Homeowner program which is all over the governments website: is having it issues. The main issue is that this program is voluntary. Lenders do not have to participate and they aren't. I've heard that one lender, Flagstar Bank is one of the few that is utilizing this program. Only problem is that they are only refinancing loans that they are servicing, so if your mortgage isn't with Flagstar, then you are out of luck. I will do my best to keep you informed of the latest developments with this program as it unveils.

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