Home Refinance bail out
President Bush announced a plan at the end of 2007 which would alleviate the economy through a volunteer agreement with Mortgage Lenders.
The plan calls for a rate freeze and also the possibility to refinance an existing mortgage which will help nearly 1.2 million homeowners.
The plan was to allow a five year freeze on mortgage rates for borrowers who meet certain criteria:
No late payments on loan
Your current mortgage was acquired between January 1, 2005 through July 30, 2007 and will cover loans that had been scheduled to rise to higher rates between Jan. 1, 2008, and July 31, 2010. Those qualifying were told to visit the website 995hope.org or to call 800-965-HOPE. These services were announced on Fox News and others.
Sadly, contacting this organization offered no information whatsoever about this loan bailout problem. The organization stated the following day that they had no information ion the President's Plan. The group does refer you to the Consumer Credit Counsel though.
For those who are still scratching their heads, contact your mortgage lender directly and ask about the program and whether or not they are agreeing to the plan.
The correct number is 1-888-995-HOPE (4673).
HOPE NOW members agreed to help in one of three ways:
1. Refinancing an existing loan into a new private mortgage;
2. Moving them into an FHASecure loan; or
3. Freezing their current interest rates for five years.
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