Hope Now, the alliance of lenders, mortgage servicers and community advocacy groups offering assistance to homeowners announced new guidelines today. These guidelines should help homeowners get feedback on the status of their applications to avoid foreclosure.
According to the U.S. Department of Housing and Urban Development (HUD) over 1.6 million Americans have received help from Hope Now. Many homeowners have taken advantage of HUD's FHASecure program allowing them to refinance from expensive adjustable rate products to FHA insured loans.
Many lenders have increased their sales in the FHA market in 2008 through FHASecure.
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