FINANCIAL SURVIVAL: Hope for Homeowners

(WXYZ) - UPDATED: A new home refinancing program called Hope for Homeowners may be doomed to fail if banks refuse to participate.

WATCH BILL SPENCER'S REPORT IN VIDEO PLAYER ON THE RIGHT

The "first of its kind" rescue loan program is designed to help thousands of struggling homeowners who are on the verge of losing their homes.

Now Bill Spencer has discovered that the program may not do any good if banks don't get involved.

We've received calls and emails from people pleading for help. They want to see if they qualify for this refinancing program called Hope for Homeowners. Now, frustrated homeowners who want to apply for the program might not be able to reap any of the benefits. That's because the banks that hold their mortgages may not participate in the program.

The Hope for Homeowners program was signed into law by President Bush, and created by the Federal Housing Commission. The rescue home refinancing plan is supposed to help homeowners save their homes from foreclosure.  

Click on the link below for details on the program:          

Federal Housing Administration

or call:

1-800-CALL-FHA (225-5342) 


In order to quality, you must go to an FHA-approved mortgage lender. Click on this link for just such a lender:

http://landlordbusters.com

or call:

Jeff Marsack (Mortgage Loan Officer)
586-421-1639