How The Hope for Homeowners Works

1. Homeowners may contact their existing lender and/or a new lender to discuss how to qualify and their eligibility for this program.

2. Servicers working with troubled homeowners may determine that the best solution for avoiding foreclosure is to refinance the homeowner into a HOPE for Homeowners loan.

3. Originating lenders who are looking for ways to refinance potential customers out from under their high-cost loans and/or who are willing to work with servicers to assist distressed homeowners.

4. Counselors who are working with troubled homeowners and their lenders to reach a mutually agreeable solution for avoiding foreclosure.

It is envisioned that the primary way homeowners will initially participate in this program is through the servicing lender on their existing mortgage. Servicers that do not have an underwriting component to their mortgage operations will partner with an FHA-approved lender that does.

People also read:

• How The Hope for Homeowners Works

• The Hope for Homeowners Cost-Benefit Analysis

• Negotiations Between Borrowers and Lien Holders

• Originating an The Hope for Homeowners Mortgage

• Fulfilling The Hope for Homeowners Mortgage Obligations

By HUD