HOPE for Homeowners Program Could Help Many of the 67,000 Tennesseans Facing Foreclosure

October 11, 2008

U.S. Senator Lamar Alexander (R-Tenn.) is urging the nearly 67,000 Tennesseans with overdue mortgages to contact the HOPE for Homeowners program which could help them refinance their loans.

“With a single phone call, many of the nearly 67,000 Tennesseans facing foreclosure may be able to keep their homes,” Alexander said. “HOPE for Homeowners is a way for homeowners to refinance delinquent mortgages if their lenders agree to participate. This program is a good step toward boosting confidence in the housing market and helping preserve the American dream for the millions of people facing possible foreclosure.”

HOPE for Homeowners, a voluntary initiative to help distressed borrowers refinance their mortgages, was established as part of the Housing and Economic Recovery Act of 2008 (HERA). Alexander voted for HERA, which was signed into law in July.

This program could help many of the nearly 67,000 Tennesseans who had delinquent mortgages in the second quarter of this year and are at risk of losing their homes to refinance their mortgages if their lenders agree to participate in the program. Only certain owner-occupants would be eligible to refinance their primary residences – no investors or investment properties would qualify. Homeowners must certify that they have not intentionally defaulted on their loans. Loans must have originated earlier than 2008. And borrowers are required to retire any debt on the home (such as a home equity line of credit).

HOPE for Homeowners is temporary, and will run from October 1, 2008 through September 30, 2011.

Alexander said that those in trouble or behind on their mortgage payments should immediately call 1 (800) CALL-FHA, visit www.FHA.gov or speak to a counselor from a local community housing group to determine the best course of action.

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