If you are one of the many homeowners looking for help, the new housing relief bill may provide mortgage relief that can help you avoid foreclosure. So, how do you apply for help under the new HOPE for Homeowners housing and foreclosure assistance law?
The housing relief bill almost certainly is the most robust housing legislation in decades, enabling homeowners who need help with their mortgage payments to refinance into more affordable loans, backed by the government. By taking advantage of this relief, many homeowners should be able to keep their homes.
According to Courant.com, “The program could help as many as 400,000 homeowners acrossthe country facing foreclosure. HOPE for Homeowners is voluntary, however, and both lender and borrower must agree to participate.”
The HOPE for Homeowners program begins October 1 and the rules and procedures for implementing the bill are being written now. It will be administered by the Federal Housing Administration (FHA).
RocketLawyer.com will keep you informed as details of the foreclosure relief bill become clear.
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Here, Attorney Richard Gullen explains a typical foreclosure process:
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