Hope for Homeowners Has New Life

Following multiple revisions and dismal closings, the Hope for Homeowners (H4H) program may experience revitalization.

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Irvine, California-based ""Banker's Portfolio, LLC"":http://www.bankersportfolio.com/main.php, an innovative solution provider for the resolution of distressed assets, has secured a forward commitment for the purchase of the H4H securities and is rolling out the H4H product to existing mortgage investors, loan servicers, and asset managers as an alternative to foreclosure.

""Banker's Portfolio is an outsourced solution that enables mortgage investors to capitalize on the H4H program today, without added certification or specialized training,"" explained Mr. Harrison. ""We are pleased to bring this solution to the market place at this critical time, and we are committed to reduce as many foreclosures as possible while maximizing value for the existing lien holders.""

The H4H refinance program, which both current and delinquent borrowers are eligible for, provides a solution for at-risk homeowners to save their home. Borrowers will obtain a new 30-year fixed-rate mortgage that is insured by the Federal Housing Administration, and because the new loan amount is based on the home's current value, the program will help borrowers gain equity.

According to Banker's Portfolio, the H4H program will provide stabilization to the overall real estate market by helping to keep qualified homeowners in their homes, and investors engaged in the program will benefit from the goodwill and positive media attention generated by a foreclosure-reducing program.

A typical H4H refinance will pay off the existing investor within 30 to 60 days, compared to the eight to 10 months typical for a foreclosure, and it will provide the existing investor with an exit strategy that is 15 percent to 20 percent less costly than a foreclosure, Banker's Portfolio said. In addition, the company said the program allows a distressed asset to be converted into cash quickly and at a maximum potential payoff, and investors using the H4H as an exit strategy will benefit from a structured efficiency that enables personnel to successfully manage large pipelines.

""Existing Mortgage Investors will embrace the H4H solution only if it's in their best interest,"" said Joel Harrison, Banker's Porfolio business development director. ""With the purchase commitment Banker's Portfolio has secured, the H4H program will finally be able to deliver the winning combination of a higher payoff and a shorter time frame to liquidity that the mortgage investors have been looking for.""