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PAA Collaborative Sharing of Real Estate Appraisal Information

HOPE for Homeowners (H4H) New FHA Program
October 11th, 2008 4:54 PM

 

HOPE for Homeowners (H4H) Program

The HOPE for Homeowners H4H Program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes.

 

The program is effective from October 1, 2008 to September 30, 2011.

 

As many as 400,000 homeowners could avoid foreclosure through this program over the next three years. If you are having trouble making your mortgage payments, HOPE for Homeowners may be able to help you, by refinancing your loan into a new 30-year fixed rate loan with lower payments.

 

How the Program Works

 

There are four ways that a distressed homeowner could pursue participation in the HOPE for Homeowners program

  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.

If you are having trouble making your mortgage payments, both the new TARP and HOPE Programs for Homeowners may be able to help you by refinancing your loan into a new 30-year fixed rate loan with lower payments.

 

We have been performing both 1004 Full FHA Appraisals, and also Exterior Only FHA 2055 Drive-By Appraisals for the new HOPE for Homeowners (H4H) program that was recently enacted by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. The H4H is an additional FHA mortgage option designed to keep borrowers in their homes.

 

We have been performing the FHA HOPE for Homeowners Appraisals since the program inception on October 1, 2008, so we are very familiar with all the special new requirements associated with this unique FHA program.

In addition, we are prepared for the latest Troubled Asset Relief Program (TARP) start, and the required TARP baseline appraisals needed for refinancing.

 

PAA - Professional Appraisal Associates has been performing high quality, comprehensive, and accurate FHA Real Estate Appraisals for several years. We understand all these new and special FHA loans, and can help streamline the appraisal process. For more information about Professional Appraisal Associates, visit us at our Website at: ProfessionalAppraisalAssociates.com or feel free to call us at (805) 688-5033.



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Posted by Susan Kraushaar - AR009243 on October 11th, 2008 4:54 PMPost a Comment

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