WHEDA Home News - December 2007

888-995-HOPE Offers Free Foreclosure Assistance

Be part of the solution to help Homeowners at risk of foreclosure.

Whatever the reason, hundreds of people are facing foreclosure on their Homes. If you have a customer who needs help beyond the options you have available as a lender, please don't hesitate to refer them to 888-995-HOPE (4673).

This national, toll-free hotline provides free counseling services offered by the Homeownership Preservation Foundation. Available 24 hours a day, 7 days a week, 888-995-HOPE provides counselors that are experts in helping Homeowners avoid foreclosure. WHEDA® proudly supports NeighborWorks and other nonprofit counseling agencies who have partnered with this hotline. We heartily endorse the HOPE Hotline and see it as an important resource for those who are at risk of foreclosure.

When it comes to foreclosure there are no easy answers, but this is one more option we can give people. Take advantage of this hotline to help your customers develop an action plan that fits their unique situation.

Appraisals

In our current market environment, it is extremely important that lenders are providing the appraiser with a complete copy of the Offer to Purchase, including all counters, amendments and addendums, prior to their appraisal review.

Our underwriters will be checking the appraisal report to make sure the appraiser has reviewed the Offer to Purchase. If they have not, this could result in a delay of processing your loan request.

No Cash Back at Closing

A reminder, there are no exceptions to WHEDA's policy regarding No Cash Back at closing.

If you have any questions regarding the information contained in this e-mail, contact Pat Multerer at 1-800-334-6873 or via e-mail at pat.multerer@wheda.com.