The Homeownership Preservation and Protection Act of 2008, or HOPA, expanded the Hope for Homeowners program to help struggling homeowners refinance their mortgages. To qualify, homeowners must have a mortgage that is delinquent or facing imminent default and meet certain income and property value limits.
The benefits of the Hope for Homeowners program include reducing monthly mortgage payments, extending the loan term, and possibly lowering the interest rate. The program can also help homeowners avoid foreclosure and stay in their homes.