The Bush Administration unveiled on October 1 additional mortgage assistance for homeowners at risk of foreclosure. The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).

The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA). The program begins October 1, 2008 and ends September 30, 2011.

Under the program, lenders will refinance loans to 90 percent of a house’s current value, automatically giving the owner 10 percent equity.

Call the Colorado Foreclosure Hotline at 1-877-601-HOPE to learn more.

If you need assistance selling your home or navigating through the short sale process, please call me at 303-475-1500 to better understand your options.