HOPE for Homeowners was a measure passed by Congress in an attempt to curb rising foreclosures and settle the housing market. Although HOPE had excellent face value, as a program it did not have the effect or reach that many had hoped it would.

Here is the HOPE for Homeowners website.  Review this link and information for a thorough description of how the program works.

When this program was first launched there was a toll free hotline that you could call for information, but it looks as though that number has been disconnected. Regardless I will share from experience (I called to get details on the program for my clients when it was launched) the operator on the other end simply answered all my questions ( and I had a great many) by telling me to call their current lender. Step two is negotiating with the current lien holder which may not be the servicer you have called.

Point in fact step one and two, calling your lender to see if you qualify for this program; and seeing if the lien holder is willing to negotiate is where the problem stems because as time has proven, most investors are not willing to negotiate into the HOPE program, which has made it for all intents and purposes a failure, and an unrealistic goal for most that seek it.

One strong point to consider, is if you are accepted into this program, you are required to surrender a future equity position in your home should it appreciate in the future. Borrowers should think long and hard about this sacrifice before agreeing to these terms, and should review steps three and four outlined in the link provided above.

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