Hope Now is reconstructing its plan to aid homeowners facing foreclosure with repayment plans, reducing/freezing interest rates and expanding the life of the mortgage loan. This coalition of lenders claims that they intend on aiding at least 2.2 million but could rise closer to 3 million homeowners that face the risk of foreclosure during this next year.

Same say, since over half of the homeowners that have already had their loans modified during the first part of 2008 re-defaulted on their mortgages within 6 months, that this modification will do very little, if anything, for the mortgage crisis this upcoming year.

Hope Now claims that their goal is to make mortgages more affordable in an effort to jumpstart the housing economy. Although, many critics believe that the real problem is more the rising unemployment rate in the Country.

The State of Florida is one of the states that have been hit the hardest by the mortgage crisis. Visit our link for a search of the foreclosures in Hernando County, Florida

Other related articles:

Where to Distribute the Remaining Financial Bail Out Funds
Will Lowering the Interest Rates Jump Start the Market
Who will the New Foreclosure Prevention Program Help?

This entry was posted on Tuesday, December 23rd, 2008 at 11:52 am and is filed under General, National Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.