Is it true HOPE NOW MORTGAGES - Freeze the Rate - BUSH Plan

Guest 0.10 Dollars($)

Hello there: I heard that the president has created a plan to help homeowners. I went to hopenowmortgages com and I qualify for the freeze the mortgage plan. Now, is it true that?
I am thinking in stop paying my mortgage Rolling Eyes

. When it resets in march I won't be able to pay it... Should I do what they say or just go into foreclosure?
Read it in w w w dot hopeNowMortgages dot com

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi FreeMyRate,

Welcome to this forum.

I have also heard this program. If you have no late payments why are you thinking about foreclosure?

This program is all about helping homeowners to avoid foreclosure. So if you have good credit score, you can take help of this program.

You can refinance you mortgage with FHA secure plan to avoid foreclosure.

Instead of going to the site you have mentioned go to hud.com. You can get better information regarding this program.

Hope that will help you. Fell free to ask if you have any further questions.

Best of luck,
Larry

evolovik26 · Posted: Tue Dec 11, 2007 7:41 am Post subject:

Basically this program is designed to help thouse that have gotten their mortgage exactly for what it was intended - home ownership - and got hit during the recent mortgage crisis.
If you got a home that you can afford at the rate/payment you can afford and the current market does not allow you to refinance before your adjustment then you have an option to freeze your rate at the current affordable rate for 5 years. This should give time for the housing market to stabilise and return the values back where they were.
So if the home is affordable for you right now it would definately make sence to take advatage of this program.
The home ownership was never intended to be a "make money sceme".

blue · Posted: Tue Dec 25, 2007 4:20 pm Post subject:

Hi,

Welcome to Mortgagefit discussion board.

Yes Eugene, Bush administration has deigned the plan to freeze interest rates of subprime mortgages to fight the raising number of foreclosure.

Only through out October this year there were 1.8 million foreclosures filling through out the nation. So to relief the borrowers from this subprime crunch Bush administration has planed to pass this agreement.

Thanks
Blue

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