Help for Subprime Borrowers
Trouble borrowers are wondering if their is any relief for there subprime loan. The Bush Administration announced in mid-December the Hope Now to assist purchasers with subprime loan.
The Bush's Hope Now initiative is a voluntary accord entered into by lenders, loan servicers, and mortgage investors to help borrowers who face default when their subprime adjustable-rate mortgage resets at a higher rate. The most prominent part of the initiative is an interest-rate freeze that would give borrowers facing an unmanageable interest rate hike the time to work out a soluation. (Realtor Magazine Publication Feb. 2008)
When contacting the national counseling hotline have all your billing information available.
1. Call the national counseling hotline (888-995-HOPE)
2. Expect to be on the phone about 45 minutes.
3. Expect a counselor to recommend a course of action.
4. Servicers are increasingly amenable to be flexible.
5. Borrowers are receiving fast-track workout plans based on their eligibility.
6. A rate freeze applies to some, not all, borrowers.
7. Traditional remedies are open to the most troubled borrowers.
Take the time to call the hotline for direction. It is important to you and your family. Let keep the American Dream a life.