The Federal Hope Act is set to take effect Oct. 1st. The Minnesota Home Ownership Center’s (www.hocmn.org or 866-462-6466) non profit network of mortgage support advisors is ready and able to help struggling home owners navigate the Federal Hope act. Under this new law, eligible home owners in default, and those in danger of falling behind, can potentially refinance their mortgage with the Federak Housing Administration (FHA) at 90% of current market value.
“As the recent turmoil on Wall Street and Main Street confirms, home owners across
Minnesota and the nation arestruggling to balance their mortgages with adjusting payments
or unexpected debts from a health emergency, job loss and other catastrophic circumstance,”
noted Julie Gugin, executive director of the Minnesota Home Ownership Center.”Our counselors
are equipped to help them understand their options to protect their homes, including
navigating the HOPE Act.”
There is no doubt that foreclosure prevention and default services are on the top of
everyone’s mind at this time.It is apparent that steps are being put into play to assist
in any way to help families stay in their homes. As stated in the video from Kare 11
timing is crucial. If you or anyone you know begins to fall behind on their payments,
let them know there are options out there and people that are ready and willing to help.
Doing nothing will not make the problem go away.
Click Here to View the Kare 11 Clip