H.O.P.E. is not a Strategy

At least not for those in the relocation industry. What I am referring to today is the HOPE (Home Owners Preserving Equity) mortgage program. The overall theme of this program is to allow current homeowners who are possibly facing default to refinance their mortgage in partnership with FHA and then share in their current as well as future equity. It is definitely a contract for a long-term relationship considering that FHA will take up to 100% of the equity after the first year and a minimum of 50% after for an agreed amount of time. Borrowers are limited in what they can do in the future as it relates to getting out of the program. I am sure it will be a good answer for some, but probably not those who need to relocate.

You can only imagine the comprehensive paperwork and time it would take to calculate an employee’s equity if they are part of this program, and the possibility of an employee finding out at the eleventh hour that their portion is minimal. So, while I hate to add another task to the ever growing punch list, the question needs to be asked directly. Many might tell you that they are on a FHA, but will forget to share the details.

On a final note, yesterday's elections reminded me of the amazing privilege we carry out when we vote. Part of living in the greatest country in the world means to exercise this responsibility, as our founding fathers intended. Whether or not your candidate was selected, we need to remind ourselves how blessed we are to have the freedom to choose.