Interesting article, it says that only 25 people in the whole country have qualified for the "Hope for Homeowners" program...25 in the whole country... with the guidelines setup as they were though I'm surprised its even that high. Despite its name this program has not exactly been what I would call a "light at the end of the tunnel" for US Households.
I do think there will be some major changes in lender willingness to do loan mods between now and end of 2009, especially with regard to their willingness to reduce principal balances, stay tuned...
Update 3/24/09: Here is a new article from Inman News with some poignant statistcis re: the effectiveness of government mortgage relief programs for Homeowners (click here for .pdf copy)
Update 3/28/09: CNN Article discussing Governments own recognition that the H4H program has been a failure. According to this article the program has only helped 1 borrower(??) http://money.cnn.com/2009/03/25/real_estate/new_hope_plan/index.htm?postversion=2009032512
I wonder who this 1 lucky person was? I want to sit next to him at the roulette table!?!?! Sounds like the odds are better of just buying a lotto ticket and using the winnings to pay off your principal balance!?!?.....
Update 5/25/09: H4H still hasn't helped anybody, so Obama is revamping it for a third time with a whole new law called the "Helping Families Save Their Homes Act of 2009", hopefully 3rd time is a charm... http://www.realestaterama.com/2009/05/20/hud-secretary-donovan-statement-on-the-helping-families-save-their-homes-act-of-2009-ID05394.html
Posted by Ben Nicolas on