There has been a change to H4H guidelines please review them at:
hopeforhomeownersact.us/Program-Details.html

Hopefully these changes will allow more homeowners into the program and encourage the banks to comply.

Regarding the new Guidelines... Does anyone know how willing Wachovia is to work with current borrowers? Also, what are the FHA guidelines regarding income? As stated here: You must be able to prove all your income and meet FHA guidelines for employment

I was working with a lender and he was qualifing us for this program but when he recieved our tax returns he said we didnt qualify based solely on the agi. What if the mortgage interest we paid was a huge part of the deductions we made? Can anyone help with this???

FHAguy, I understand that there is a very long process to get approved for the H4H program so should I attempt to jump aboard now knowing that Congress is re-writing the program or should I wait until Congress re-writes and then apply?

I am afraid that if I apply now, get approved in 3 months, then Congress starts another better program, I will be screwed once again. Can you tell me that this won't be the case?

Hi. I just found out about this site and have registered. I really need some advice. I'm a single mom with a house and over the years I've invested in 3 rental houses to provide my son with a means to make a living. He has some problems that prevent him from working a regular 9-5 type of job and I support him. In return he maintains these houses for me. About a year ago I had a renter who stopped paying and I had to have her evicted. I took it to court and the judge awarded me $3,000 of which I find I can't collect. The house stood empty for almost a year while repairs were made. It is now rented to someone in the Metro Housing program which means I have my rent direct deposited on a regular basis. In the meantime my renter at the other house has fallen behind. (The third house is in need of repairs and is not currently rented). The rent money covered the mortgages for 2 houses. The other 2 I was able to maintain on my own. Due to the renter situation I have fallen behind on my primary residence and one of the rental houses. I am 4 months behind on these 2. I have a stable job and if I could get refinanced to the lower rates and consolidate some bills I could make it. My credit rating in awful because of these events and no one seems to be able to help. I see in the guielines for the Hope for Homeowners program that you cannot have a second home. So, I don't qualify?

Am I missing something here? I don't see what has really changed that can help more people? Can you clarify what has changed? I only see something that actually is worse. They now take 96.5% vs the 90% loan to value.

Hi - I just read your entry and I used to do property managemet. You can serve your tenant with a 3 day pay or quit. This usually gets them to pay the rent or at least give notice. There is a company who only charges $500 to do a complete eviction. If youd like the number let me know. Sometimes its better to have a management company take over because they wont mess around with tenants not paying rent - its worth the extra money.