PROJECT LIFELINE	FHA SECURE	PROGRAM 3648 - Debt Forgiveness Act	HOPE FOR HOMEOWNERS
(money.cnn.com - Major Lenders put freeze on foreclosures)	FHAs refinancing program. 1. www.HUD.gov; 2. Contact the HOPE NOW Alliance at 1-888-995-HOPE
Under the program, homeowners 90 days or more behind in their mortgages will get a letter from their lenders asking them to call. Borrowers will be asked if they want to stay in their homes; if so, they will be offered financial counseling. Loan modifications are not automatically granted. Borrowers will have to provide up-to-date information about their wages and debts. At that point, the lenders decide whether to pause the foreclosure process. During the moratorium, foreclosure prevention specialists will determine if there's a good possibility that a loan modification will work. In other words w ill a borrower be able to regain his footing and start paying his mortgage again? Any loan modifications - such as lowering interest rates, balances or both will be provisional. After homeowners make payments on time for three months, the changes to the terms of loans will become permanent.	REQUIREMENTS: Their mortgage must have originated on or before January 1, 2008; Their mortgage debt-to-income must be at least 31 percent; They cannot afford their current loan; They did not intentionally miss mortgage payments; They do not own second homes. Good Credit FHA will charge Mortgage Insurance based on risk The lender has to be willing	REQUIREMENTS: Primary home 1million or less forgiven Debt used to buy, build or improve principal residence IRS form required Proof of Hardship and insolvency required	REQUIREMENTS: First lien owner occupied residential adjustable rate loans (ARMS) with initial fixed rate for 36 months or less. NO SECOND MORTGAGES or EQUITY LINES Must be originated between 1/1/05 and 7/31/07 and included in securitized pools with reset date between 1/1/08 and 7/31/10. The loan must be current. Current means not more than 30 days delinquent and not more than one 60 days delinquent in last 12 months. Loan to value must be less than 97%. MORTGAGE OR EQUITY FICO Score must be less than 660. FICO score cannot be more than 10% higher than origination. Servicer must determine that owner cannot afford higher payments.