Announcing Changes to the HOPE for Homeowners Program

On May 20, 2009, President Obama signed into law the Helping Families Save Their Homes Act. This act modifies the HOPE for Homeowners Program with the goal of helping additional families avoid mortgage foreclosure. It is anticipated that guidance related to these changes will be released within 30 days. The statutory changes to the program include:

• Additional compensation for primary and subordinate lien holders.

• Establishing incentive payments to servicers of loans refinanced under the HOPE for Homeowners Program, as well as originators of new HOPE for Homeowners mortgages.

• Reducing costs of the program to the consumer.

To learn more about the changes to the HOPE for Homeowners program and other important provisions contained in the Helping Families Save Their Homes Act, click here.
The HOPE for Homeowners Program is an integral component of Making Home Affordable. For more information on the Making Home Affordable program, visit http://makinghomeaffordable.gov/.

If you are at risk of foreclosure do not wait for assistance. You should contact your mortgage lender immediately or call 1-888-995-HOPE (4673) to reach a HUD-approved housing counselor. HUD-approved housing counselors can help you evaluate your income and expenses and understand your options - and - this counseling is FREE.