Mortgage Help

President Bush announced several new initiatives today that may help up to 1.2 million homeowners keep their homes.  The HOPE NOW plan is designed to help mortgage borrowers who can afford their current starter rate on an adjustable rate mortgage.  The companies in the HOPE NOW alliance have agreed to help borrowers in the following ways:

1) Refinance existing adjustable rate loans into new mortgages
2) Move the borrower into an FHA loan
3) Freeze the borrower’s interest rate for 5 years

Additionally, the HOPE NOW alliance has set up a toll free number (1-888-995-HOPE) to provide mortgage counseling.

For more details on this plan, visit the White House website