There are many homeowners that now have an upside down mortgage. If you find yourself in this position there is a solution. The hope 4 homeowners program will reduce your mortgage balance. Your monthly payments will also be reduced.
You can get a new loan based on the current value of your home. The upside down balance on your current mortgage will be forgiven. Your new mortgage will be based on 90% of the current value of your home.
Your monthly payments can be drastically reduced. Payments may be reduced by as much as 50%. This will help many homeowners stay in their home.
The new loan will be an FHA loan. This means it is insured by the Federal Housing Administration.