Good news for homeowners at risk of foreclosure / foreclosure sale (foreclosure). If you own a house, apartment or property in the U.S. and the recession has caused difficulty for you to pay your mortgage, there is new hope. The Bush administration has just released a new program called “Hope for Homeowners” which took effect on October 1 this year (2008). The program was authorized by Congress through the Housing and Economic Recovery Act of 2008 became law when President Bush signed this year.
The program is in effect from now until September 30, 2011. Hope for Homeowners that translates in Spanish to Hope for Homeowners and Homeowners is a program that aims to provide end to all owners and any other city or town in the United States (provided they meet certain minimum requirements mentioned below) to access a new loan guaranteed by the U.S. Department of Housing and Urban Development (HUD). The new loan will for 30 years and have fixed quotas. This is to ensure that the first and last payments are the same value. To access the loan, the house must be the same residence where you are living and you must meet the following requirements called for HUD: Requirements for Rate 1. Be your only home or property and live there in February. The mortgage on your property must be before January 1, 2008. That is, you had to have gotten your mortgage in 2007 or earlier. 3. Not having enough income to pay the mortgage without help.