Three Dog Night once sang that "one is the loneliest number"... and in the case of the much-hyped Hope for Homeowners act of 2008... it really is the truth.
According to Brian Sullivan, a spokesman for the Federal Housing Authority, the program has only received 752 applications, of which only 1 mortgage was able to be insured. ONE.
Here's the CNN article that carried the story: http://money.cnn.com/2009/03/25/real_estate/new_hope_plan/index.htm
One fear we have when homeowners hear that a much-hyped program like Home For Homeowners is less-than-successful, is that they instantly assume that NO program can help them in their situation. THIS IS NOT TRUE.
The real message for any Minnesota family that is struggling to make mortgage payments is this: Don't wait for a magic bullet from Washington to help!
If you're having difficulty with your house payment... or think you may have difficulty soon, There are already professionals available in Minnesota to assist YOU. If you'd like to speak with a Foreclosure Prevention Specialist, click here.