Members of the Hope Now Alliance have reportedly come to an agreement as to the final provisions of their so-called sub-prime mortgage bailout program. While previous reports stated that the Alliance would freeze interest rates for certain borrowers for up to seven years, the final agreement reportedly allows for only a five year freeze. And it will only apply to borrowers with loans made between the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010. The Hope Now plan is only available for owner-occupied homes, and to those homeowners who are not already behind in their payments. And remember that it doesn't apply to those who have refinanced, those who can "afford" their payments after their loans reset, those who are not in sub-prime loans to start with, or those who can refinance into fixed-rate loans. So what does this mean to borrowers who are already in trouble? It could mean All Hope Lost instead of Hope Now for many, since the program only applies to loans that will reset after the first of the new year. For those already facing foreclosure, it appears the only options are to either talk with your current lender(s) and see if a personalized program can be worked out for you, or list your property for sale as a short sale (preforeclosure). Some companies, like Countrywide, have indicated that you may have to go beyond the local offices (or the first person who answers the phone) to reach someone who can really work with you. If you don't get a satisfactory answer the first time around, then try going up the food chain to see if you get better results. | 
