List of Lenders Who Are Participating in the HOPE for Homeowners (H4H) Program

List of Lenders Who Are Participating in the HOPE for Homeowners (H4H) Program

 

 

NOTE: Homeowners, contact your existing lender and/or a new lender to discuss how you may qualify for the H4H program.

The lenders listed below have indicated an interest in refinancing loans under the HOPE for Homeowners program.  When contacting any of the lenders listed below,you are strongly encouraged to contact your servicing lender and any subordinate lien holders since their participation is vital for you to refinance into a HOPE for Homeowners mortgage.  It is important to remember that the HOPE for Homeowners program is voluntary and your servicing lender may offer different solutions for avoiding foreclosure. 

When contacting any lender on this list, please use the contact information provided.  Do not give anyone money or pay any fees until you have spoken with your existing lender and know it is participating in the HOPE for Homeowners Program.

If you are experiencing difficulty in communicating with your current servicing lender and/or subordinate lien holders, you may wish to contact a housing counseling agency to ask for advice and assistance in reaching a mutually agreeable solution for avoiding foreclosure.

To view the list of lenders who are participating in the HOPE for Homeowners program click on the link below. Your browser will open a PDF document. 

The H4H Lender List was updated on October 28, 2008. We will refresh the list on most Fridays.  

CLICK HERE FOR THE UPDATED LIST LINK>>

http://portal.hud.gov/portal/page?_pageid=73,7605762&_dad=portal&_schema=PORTAL

 

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October Gallery

Central Banks Coordinate Global Cut in Interest Rates

Central Banks Coordinate Global Cut in Interest Rates
Hoping to thaw the current credit freeze, the Federal Reserve, the European Central Bank, the Bank of England, and the central banks of Canada and Sweden reduced their primary lending rates by a half percentage point Wednesday. The Chinese central bank also reduced its key interest rate and lowered bank reserve requirements, while the Bank of Japan’s rates remained unchanged.

MAKING SENSE OF THE STORY FOR CONSUMERS

· The purpose of the rate cut is to increase consumer confidence, which in turn should help stimulate the economy. When consumers and businesses have more confidence in the economy, they usually spend more money, which bolsters the economy by enabling retailers to increase sales and prevent future layoffs.

· The Federal Reserve controls the interest rate that banks charge each other for short-term loans. Usually this leads to banks lowering the rates they charge consumers and businesses. The short-term loan-rate reduction, from 2 percent to 1.5 percent, should have an almost immediate effect on credit-card rates, according to financial analysts. Interest rates on automobile and business loans also should decline. Generally, the short-term loan-rate reduction also leads to a reduction in mortgage rates; however, it is too soon to predict if that will happen in this case given the way the market has reacted to recent economic news.

· Some credit card companies already have reduced their credit card rates. Although there may be room for further reductions for some consumers, many experts believe that only consumers with the best credit scores and payment history will benefit from the rate reduction. Most credit card companies deem consumers with high credit scores as providing the least amount of risk.

· Consumers with fixed-rate mortgages will not benefit from the rate cut; however, those with adjustable-rate mortgages (ARMs) may. When banks receive an interest rate cut, they may pass along the savings to consumers. Homeowners with ARMs could receive a payment reduction. (Source CAR)

''Making Real Estate Simple''

Barbara Wibe, e-PRO, REALTOR
Barbarainc@gmail.com
*** 619-850-4174 ***

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071

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More Households Make Room for Extended Family

American households are becoming more multi-generational, according to a new report released Tuesday by the U.S. Census.

The number of heads of households who share their homes with their parents, brothers and sisters, and other relatives grew 42 percent from 2000 to 2007

The census finds a 75 percent increase in parents under the age of 65 who are now living with their adult children. In all, 3.6 million American households have made room for older parents. 

By state, Alaska had the highest number of parents moving in with their adult children – an increase of 167 percent, according to the data. South Dakota had the lowest – up 7 percent.

Sharing a home represents an old-fashioned approach to economic challenge, experts point out. Donna Butts, executive director of Generations United, an advocacy organization. 

"It is evolving in some ways back to how families used to live. That is, they're living in multi-generational households, " Butts said.

Source: ABC News, Barbara Pinto (09/23/08)

HOPE for Homeowners Expands Rescues

HOPE for Homeowners, a federal program to allow the replacement of up to $300 billion in underwater U.S. mortgages with federally backed FHA financing, began accepting applications under a legislatively authorized expansion Wednesday.

To qualify, borrowers must be spending more than 31 percent of their income on mortgage payments. Loans made this year are excluded, except for those completed on Jan 1. Borrowers must have made six months of payments on their loans.

Lenders must agree to participate and erase 10 percent of the home’s current value before the government will guarantee the mortgage. A concern among lenders is that investors in mortgage securities must take an immediate loss and can't recoup their lost money if home prices turn upward again.

The program is a "helpful step forward" in stabilizing the housing market and will help keep many families in their homes but it is not a cure-all, said Steve Preston, secretary of the U.S. Department of Housing and Urban Development, which administers the program.

Troubled borrowers should contact their lenders.

Source: Reuters (10/01/2008)

ATTENTION: Have you filed for bancrupcy lately?

Court Mandates Credit File Cleanup 

A recent court decision requires the three major credit-reporting bureaus — Experian Group Ltd., Equifax Inc., and TransUnion LLC — to clean up the credit files of consumers who have filed for Chapter 7 bankruptcy.

These bureaus are still reporting old debts as active on consumers’ credit reports even though they were wiped clean in a bankruptcy filing.

The U.S. District Court for the Central District of California gave the bureaus until Oct. 1 to revamp their systems. 

Consumers who have gone through Chapter 7 bankruptcy should request copies of their credit reports at a website like AnnualCreditReport.com and make sure that the old debuts have been removed.

The court-mandated changes come at a time when more consumers are filing for bankruptcy amid rising loan defaults and tighter credit standards. U.S. consumer bankruptcy filings jumped 29.2 percent to 96,413 in August, according to the American Bankruptcy Institute.

Source: The Wall Street Journal, Jane J. Kim (09/30/2008)

NEED HELP?

FACING FORECLOSURE?

HERE ARE A FEW HELPFUL RESOURCES:

http://www.hud.gov/foreclosure/

http://www.hopenow.com/

http://www.credabilityu.org/

http://www.creditcounseling.org/

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The Credit You Deserve – Getting a loan is harder, but it’s not impossible

The Credit You Deserve – Getting a loan is harder, but it’s not impossible
In light of the current situation with the credit market, obtaining financing has become more difficult than in previous years. Because of this, some consumers incorrectly assume that it is impossible to qualify for a mortgage loan, auto loan, or other financing. However, consumers who have good credit should remain optimistic about their loan choices.

MAKING SENSE OF THE STORY FOR CONSUMERS

· Most lenders have reinstated high credit standards, many of which were almost completely eliminated during the days of lax credit lending. Nowadays, most lenders require that consumers prove their ability to comfortably repay a loan, most often determined by their FICO scores. Most lenders require a FICO score of at least 720 to qualify for a mortgage loan. Consumers can receive a free credit report by visiting www.annualcreditreport.com. This Web site, created by the three nationwide consumer credit reporting companies -- Equifax, Experian and TransUnion -- provides consumers with their credit report, excluding their FICO score. Consumers can request their FICO score, for a fee of $16, by visitingwww.myfico.com.

· Even though some consumers may qualify for a new loan, some experts recommend that consumers who do not have emergency funds or are concerned about job security not take on additional debt obligations. However, consumers seeking to refinance a loan at a more favorable rate or repayment option, or those who wish to purchase their first house may benefit from the current low interest rates. Today’s rates, although higher than in previous weeks, are still at or near historic lows. Some experts predict that interest rates will remain low until the economy recovers.

· Consumers wanting to refinance their current mortgage, or purchase a home under the new permanent conforming loan limit of $625,500 -- effective Jan. 1, 2009 -- may best be served by their small local bank or credit union. These financial institutions often are in the best position to offer consumers a favorable or competitive interest rate. Consumers in California may qualify for conforming loans up to $729,750 until Dec. 31, 2008, as a result of the Economic Stimulus Act of 2008.

· Consumers seeking to refinance a mortgage loan or purchase a home with a jumbo loan -- loans greater than the prevailing conforming loan limit -- often will pay a percentage point or more than they would with conforming loans, according to bankrate.com. It also can be more difficult for consumers to find lenders offering jumbo loans. While consumers can check with their local small banks or credit unions to see if they offer jumbo loans, it is often best to work with a local mortgage broker or large national brokers, such as eloan.com when applying for a jumbo loan.

(Source: C.A.R.)

Economic Bailout Update

Oct. 3, 2008 - - -Earlier today, the U.S. House of Representatives approved the Emergency Economic Stabilization Act by a 263 to 171 vote. The legislation was quickly signed into law by President Bush, capping what has been a very tumultuous two weeks for the credit and financial markets.

This was a difficult decision for our elected representatives to make, especially given the abbreviated time period for review and debate that the gravity of the situation warranted. While passage of the Act should enable the credit markets and the U.S. financial system to set the stage for their eventual recovery, this was only the first step in what will likely take weeks and even months to wend its way through the system before reaching Main Street.

But it was an important first step. The health of the nation’s housing market is critical to the financial well being of every household in the country, and is front and center here in California.

Here’s what the legislation does:

Helps American families keep their homes by requiring the Treasury Dept. and any federal agency that owns or controls troubled mortgages to modify those mortgages wherever possible; this may include reducing the principal or interest rate; and extends till the end of 2012 the exclusion from federal income tax of mortgage debt forgiveness.

Addresses the credit crisis by allowing financial institutions to immediately sell $250 billion in troubled assets to the U.S. Treasury Department under the newly created Troubled Assets Relief Program (TARP).  Another $100 billion would be made available upon the President’s request.  Should the President deem it necessary, and with Congressional review, the Treasury Dept. may utilize the remaining $350 billion;

Protects taxpayers by allowing the Treasury Dept. to take an ownership stake in participating companies. In addition, if after five years TARP has incurred a net loss, the President must propose legislation that would force participating companies to reimburse the government to make up the difference;

Sets up an insurance program, funded by the financial industry, to guarantee companies’ troubled assets, including mortgage-backed securities purchased prior to March 14 this year;

Curbs executive pay for companies utilizing TARP;

Sets up two oversight committees, a Financial Stability Board, and a congressional oversight panel, to which the Financial Stability Board would report;

Creates renewable energy tax breaks for individuals and businesses, including a deduction for the purchase of solar panels; as well as continuing other tax breaks that were set to expire; and extends relief from the Alternative Minimum Tax (AMT) by another year;

Allows the SEC to suspend the required mark-to-market accounting standards and orders a study to be done on the rule’s impact on financial institutions;

Shields bank deposits by temporarily raising the FDIC insurance cap to $250,000 from $100,000; and temporarily increases the federal insurance level for credit union savings to $250,000, both till the end of 2009.

Homebuyers Relief Excluded from Bailout Bill

Friday, October 3, 2008 - Today, President Bush signed the Emergency Economic Stabilization Act of 2008 after the House passed the financial bailout bill. Unfortunately, a provision that included language similar to H.R. 6694 which provides for the reform of privately-funded downpayment assistance (DPA) programs was not included in this legislation.

(Source: CAR & Neimiah Corp.)

Great Deal in Sky Ranch Community

We have a rare homeownership opportunity at our EaglePointe Community which is located above it all - at Sky Ranch!

EaglePointe Residence Four, Homesite 198, is now being offered at $800,000.  This floorplan consists of approximately 4,908 square feet, 5 bedrooms, 4.5 baths a master retreat, excercise room, game rooom, nook, library and courtyard - a simply elegant home.  The beautiful home includes upgraded granite kitchen counters and our fabulous GE Monogram Appliances.  This home will be move in ready in October and is located where you may take advantage of the city lights and mountain views that surround us at Sky Ranch.  Please call us at (619) 850-4174 to schedule a private tour or to obtain more detailed information.