HUD (Department of Housing & Urban Developement) announced some very disturbing numbers this week. Applications for FHA Secure and Hope For Homeowner programs to help troubled borrowers are extremely low. As of October 1st only 4,000 homeowners have applied for FHA Secure and an even more disturbing 111 Applications for Hope for Homeowners.
So do homeowner not know about the program? Or do they just not care? I saw a statistic last week that said that 43% of foreclosures happen without 1 single contact to the lender. I know a lot people have been criticizing our government for not offering enough help for distressed homeowners. But when you see numbers like this who have to ask, When does the governments responsibility stop and the homeowners start?
So just in case it is that they just don't know, here is the contact number
1-800-Hope-Now
Don't let your home be foreclosed without a fight.
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Here's the deal...I have talked to 3 participating lenders from FHA Website's own list and they don't even have the program yet! Yet they are listed as a participating lender! Go figure! They will call me when they do have the program! The problem is that government comes up with great ways to help homeowners but with no back up, no guidance, and no follow through! I am a mortgage lender and we don't have the program. I am surprised that 4,000 people have been able to get these done! I will agree that some homeowners are not doing enough, but this is not the whole truth!!! Pick up the phone and call yourself people, you may learn what I am talking about! This is not directed towards you specifically. But it is a frustrating topic for me, that has actually hit home!
Ultimately it does come down to individual people working with their lenders but many people are lazy. I've met people who would rather go into foreclosure than deal with the bank. I suspect that many prime borrowers will also choose to be foreclosed on just because they no longer want to pay for a depreciating asset.
Jennifer,
It is too bad our government isn't getting the program out to the lenders. I feel really bad for the homeowners who are trying to keep their homes. Some lenders are doing a really good job of handling delinquencies and others are a total joke.