Reduce Your Monthly Mortgage Payment
The Hope for Homeowners Program was created by the Federal Housing Administration (FHA) to help homeowners that are at risk of default and foreclosure. The program allows homeowners to refinance their homes so that their monthly payments are affordable and sustainable. Congress passed this legislation to keep more individuals in their homes, and for some homeowners in California, the HOPE for Homeowners Program is a valuable alternative to foreclosure.
At the Law Offices of Mark A. Brifman, we have more than 30 years of experience working with homeowners and real estate matters in Mission Hills and the surrounding communities of Los Angeles. We will examine your situation and help you decide if you qualify for the HOPE for Homeowners Program and if it is a good option for you. Our lawyers understand the market and will help guide you through the process.
Working with Lenders in the FHA HOPE for Homeowners Program
By accepting the FHA HOPE for Homeowners Program, lenders are choosing to provide homeowners with an affordable monthly mortgage payment through the modification of their existing loan, rather than accepting the losses associated with foreclosure and with the declining property values on the home. Lenders will usually assess if the program will be a practical and effective option for the homeowners in question and if it will mitigate the losses that they would otherwise suffer.
Homeowners must meet eligibility requirements for this program, including:
- The homeowner's existing mortgage must have been originated on or before January 1st, 2008
- As of March 1, 2008, the existing mortgage payment made by the homeowner must exceed 31 percent of the borrower's gross monthly income
- The homeowner must not be intentionally defaulting on the loan, cannot own other residential real estate and cannot have been convicted of fraud in the last 10 years under Federal and state law
- The homeowner must not have provided false information about their income or other financial aspects of their situation to obtain the mortgage that is being refinanced into the HOPE for Homeowners mortgage
For homeowners, the key benefits of the program are the ability to retain their home and afford their mortgage payments based on the current appraised value of the property. While they will lose some equity in the home, the trade off may be less costly and more beneficial for those who wish to keep their home.
If you believe that the FHA HOPE for Homeowners Program may be the right option for you, contact us at the Law Offices of Mark A. Brifman to discuss your case. When you sit down with an attorney, we will explain your rights and your options. Call us at 818.920.2113 to schedule a free initial consultation.
