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Most Struggling Homeowners Meet Relief Criteria.(Managing REO)
Byline: Amilda Dymi
Atlanta-A recent survey finds the majority of homeowners at risk of foreclosure will qualify for relief under the new federal housing bill that took effect Oct. 1.
Consumer Credit Counseling Service of Greater Atlanta reported that almost two-thirds of the homeowners who called for foreclosure prevention counseling in recent months "appear to meet the threshold requirements" for federal assistance through the new FHA program.
Signed into law by President Bush on July 30, the Housing and Economic Recovery Act of 2008 created the Hope for Homeowners program designed to stop homeowners from going into foreclosure. Mortgage lenders can allow at-risk borrowers to refinance their current mortgage into a new fixed-rate loan insured by the FHA.
"Our survey results indicate this new FHA program holds the potential to help a large number of Americans struggling to pay their mortgage," said Suzanne Boas, president of CCCS.
In late September, CCCS surveyed 591 people of which 381, or 65%, said they met five key eligibility criteria for the FHA-insured mortgage-refinancing program.
Among challenges faced by homeowners, however, is the voluntary-basis lender participation in the program, since due to the current crisis participation rates could be insufficient.
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Source: HighBeam Research, Most Struggling Homeowners Meet Relief Criteria.(Managing REO)