1-888-995-HOPE Spells Mortgage Bailout for Option Arm Homeowners
Hold the Presses!!! Your Mortgage rate is going to be frozen.
The White House has finally announced the grand plan to help people who are about to face a reset on their Mortgages. How does this effect you? Details are coming out slowly and we will provide a full detail in future posts as they come out. But if you think you are about to loose your home call 1-888-995-Hope (Special Hotline).
Deciding on interest only mortgages should not be a difficult decision. The mortgage brokers will let you know how helpful this is if you are low on finance. Your white house real estate agent will also advise you to take such mortgages. When your house is mortgaged by the bank, they can offer you a visa card with lowest rates. With good history, you can apply for more cards like today’s top amex card. These cards include discounts for travel insurance. Car insurance is also discounted through such cards, so search for car insurance quotes right now.
According to CBS News, the plan calls for a rate freeze and also the possibility to refinance an existing mortgage which will help nearly 1.2 million homeowners.
Photo:President Bush, accompanied by Treasury Secretary Henry Paulson, makes a statement about subprime mortgages in the Roosevelt Room of the White House in Washington, Dec. 6, 2007. (AP Photo/Charles Dharapak)
I am single mother and would really like to try to qualify for this rate freeze. My ARM was signed in November 2005 is ready to reset January 2008, my credit score is around 660. Please advise. thank you
December 7th, 2007 at 2:22 pmAccording to the White House the HOPE NOW plan will help subprime borrowers who can afford the current, starter rate on a subprime loan, but will not be able to make the higher payments once the interest rate goes up.
You must have financed your current mortgage from 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.
HOPE NOW members (Major Banks) have agreed on a set of new industry-wide standards to provide systematic relief to these borrowers 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.
So based on your comments, your mortgage qualifies under the program, but the details are still sketchy about what score you must have to fulfill the “afford the current rate.” It does not hurt call the toll free number. Based on current market conditions, the score you have is fairly decent and as long as you have been making payments, you should qualify.
Remember the phone number is 888.995.HOPE. Good Luck!
December 7th, 2007 at 4:22 pmCalled the 888 995 hope number this pm. She stated Pres. Bush jumbed the gun giving out their number. They can only help you if you are behind in your payments, they CAN NOT help with the rate freeze since it has not been passed. They stated if you are curent in your mortgage, but “afraid” of what the adjusment may be, call your mortgage company directly. I have done every thing everyone has said to do with no relief. My credit score is 730 and accordingly “qualify”. What am I missing, no one is helping unless your behind in your payments.
December 10th, 2007 at 4:00 pmHello,
I purchased my Condo. back in 2005 with the interest rate at 8.25 and in Oct. 2007, the rate has increased to 11.25 with the monthly payment of $2,435. My monthly income is insufficient to make this payment. I have talked and requested for rate modification with my Lender (CHASE Mort.), but nothing work, CHASE didn’t approved to decrease the rate. I haven’t make the mortgage payment for the last three months, and probably couldn’t be able to make payment in the future…., I am facing foreclosure right now. My realtor agent has been working around the clock to help me sell the Condo. Nothing work…., I don’t know what to do? My credit isn’t good because I am behind in my payments. I need some HELP….,
December 11th, 2007 at 11:41 amcity reverse mortgage mortgage is reverse
January 4th, 2008 at 12:41 pmCHASE Mortg. are the worst to deal with they are totally uncooperative and they rather have a million homes in their inventory than try to make adjustments with us the homeowners.
January 5th, 2008 at 11:48 amHello,
I have a three year ARM on my mortgage
February 7th, 2008 at 12:32 pm11-2008 my payments will go up. I did a
Mortgage Audit found out a crime and Fraud
was done, Now I have case on the mortgage
company. The banks or mortgage company can
not foreclosure as long I have a case. You
can do the same call me 972-301-9904 or
email to me issacpadilla@sbcglobal.net
Please change your listed 1-800 telephone number, which is MY number, to the correct number which is 1-888. The President gave my number by mistake!!! You should have 1-888-995-HOPE !!!
February 14th, 2008 at 10:15 amI’m in forclosure Can you help save my house?
March 6th, 2008 at 9:20 amYou may want to try this book.
March 6th, 2008 at 2:07 pmI would like to ask you what to do, I have called Wachovia, as my balance is higher and higher every month more and more as my loan is negative arm, and they stated that at this point they do not do not have the fha hope program and will not know when can they honor it, what should I do as my home only appraise $ 384k and I owe $450k, who can help I can only pay $ 2k per month
October 29th, 2008 at 11:27 amplease let me know
thanks
I want some money to. I’m not behind or anything but if the government is going to just give you losers some money, I want some to.
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