Hope For Homeowners

In October of 2008 the President Busch administration kicked off the FHA insured mortgage refinance and loan modification program that was suppose to help 400,000 Homeowners Nationwide. The program came on with high hopes from the American people and especially those who were Homeowners trying to pay their mortgage but consistently falling behind just the same.

Though hope was high performance of the Hope for Homeowners act of 2008 was lame at best. Right out of the gate came a whirlwind of a whole lot of nothing. What was the problem?

Well simply stated the program just was not feasible or attractive to lenders and though Homeowners were for the most part more then willing they may have not been once they figured out the down side of the massive equity share that was mandatory for the Homeowner if they were to take advantage of the refinance program.

But so rarely was the lender willing and the Homeowner qualified that it really was not even given the chance to be an obstacle.

The loan modification program known as the Hope for homeowners act of 2008 will surely go down in the history books as being one of the biggest waists of timeof both the media's and of congresses time.

Hopefully the Make home Affordable Loan Modification and refinance plan of the Obama administration will prove to be more effective.

Only time will tell. Hopefully foreclosure hope for all will prevail