Mortgage Refinancing to Avoid Foreclosure

The HOPE for Homeowners Act helps owners at risk of foreclosure to refinance their mortgages.

In July 2008, the federal HOPE for Homeowners Act was enacted. This Act created a program designed to help homeowners who are considered to be at risk for foreclosure. Homeowners who qualify will be able to refinance their currently unaffordable variable rate mortgages into affordable 30-year fixed rate mortgages insured by the Federal Housing Administration (FHA), if their lenders agree to participate.

Overall, this new program will support the refinancing of loans up to an aggregate value of $300 billion. The government estimates that between 300,000 to 400,000 homes may be saved from foreclosure through this program. However, the government’s estimates may be premature — a number of unresolved factors make it tough to accurately predict how effective the program will be.

If your home is in danger of foreclosure contact Debt Help Lawyers today to see if one of their debt relief programs are right for you.