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Obama Tweaks Refinance Rules For Homeowners

HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS
June 4th, 2009

One of the many provisions in the recently enacted legislation known as the Helping Families Save Their Homes Act of 2009 loosens the program requirements for the Hope for Homeowners (H4H) launched in 2008. The original program intended to help 400,000 distressed homeowners refinance into a more affordable loan. Unfortunately, after seven months in operation, the program only helped one family keep their home!

The program would allow homeowners to refinance out of a burdensome loan into a fixed-rate FHA loan. The existing lender must voluntarily agree to a short payoff if the value is insufficient to pay off their loan and costs. A new inducement has been added to allow the lender to share in the homeowner’s equity upon sale as a condition of writing down the loan balance. Existing loan servicers and new loan originators will be offered financial incentives to participate in the program.

Millionaires are now excluded from the program. HUD will devise requirements and standards for the new revised  program in the coming weeks. I can only imagine how much money was wasted the past 7 months to set up and run a bureaucracy that only helped one homeowner. Clearly the program has been of little value thus far.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

CORNER OF COURT AND PLACER IN REDDING

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Thursday, June 4th, 2009 at 10:04 am and is filed under HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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