The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure to refinance into more affordable, sustainable loans. H4H is a mortgage option designed to keep borrowers in their homes. This is a $300 Billion Dollar program. The program started October 1, 2008, and will continue from October 1, 2008 to September 30, 2011.
The idea is that as many as 400,000 homeowners could avoid foreclosure through this program over a three year period. If you’re having trouble making your mortgage payments, HOPE for Homeowners is designed to help you, by refinancing your loan into a new 30-year or 40-year fixed-rate loan with lower payments.
So how’s this Billion-Dollar Program working out? MSNBC recently posted some nice statistics (via video) about the program:
“312 applications…not one approval. It sure is well publicized considering it’s colossal failure…”
And this was going to help 400,000 homeowners? So what do you think? A good idea but followed up with poor management?
Ill file this under “not all ideas, are good ideas”.
