HOPE NOW Alliance Adopts New Guidelines

According to HUD, Secretary Steve Preston has released a statement regarding the HOPE NOW Alliance’s adoption of new guidelines designed to help homeowners obtain the assistance they need to avoid foreclosure in a timely manner. In an effort to aid Americans in staying in their homes, the new guidelines will allow homeowners to receive a quicker response regarding the status of their applications, and whether they have been approved.

To read the full story, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-084.cfm

Guidelines Extended for FHA Backed Mortgage Insurance

Recently, the Bush Administration announced a temporary extension of government-backed mortgage insurance and the allowance for the immediate sale of vacant foreclosed properties to legitimate borrowers wishing to use FHA-insured financing. This extension has been made in an effort to stabilize declining home values in the neighborhoods that need it the most, by reducing the inventory of unsold properties.

For more details, please visit:
http://www.hud.gov/utilities/print/print2.cfm?page=80$^@http%3A%2F%2Fwww%2Ehud%2Egov%2Fnews%2Frelease%2Ecfm%3FCONTENT%3Dpr08%2D082%2Ecfm&portnum=80

FHA Direct Mail Campaign Enters Phase Two

According to HUD, thousands of letters are being mailed out to homeowners at risk of losing their homes through foreclosure. These letters strongly encourage these homeowners to consider a safer, more affordable alternative to their existing high-cost mortgages. The outreach, now in its second phase, extends to 850,000 of the population at risk. As an alternative, FHASecure is offered to borrowers who might wish to refinance with FHA.

For more details and to read the letter, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-086.cfm