DISCLOSURES AND LICENSES

HopeLoan.com is a privately owned website that serves as an informational tool for homeowners who may be facing the loss of their homes because of the twin dilemma of declining home values and inability to meet payment obligations.  To attempt to prevent some foreclosures and to save some homes, Congress developed a narrowly tailored solution under the Hope for Homeowners Act, passed by Congress on July 30, 2008, effective October 1, 2008, with Amendments adopted October 3, 2008 under the Emergency Economic Stabilization Act of 2008.

Under the Hope for Homeowners Act as amended, Congress created a complex potential solution for some homeowners – on a voluntary basis. The legal framework established under the Hope for Homeowners Act and the Hope Loan, which is described in the Act, provides a solution that Congress believes will be a practical and workable solution because it offers the homeowner a new FHA insured loan based on the current appraised values, which will reduce debt and lower payments for the homeowner, and promises a fixed payout for the mortgage company. Avoiding foreclosure, it is believed, is in the best interests of both parties, provided a Hope Loan solution can be obtained. It is the certainty of receiving up to 90% of full value based on the present appraised value, which will drive a mortgage company to work with a distressed homeowner to solve a mutually troubling mortgage problem. This is where the HopeLoan.com website offers help.

Although HopeLoan.com is not engaged in the mortgage business, nor does it grant or deny credit, it does provide information and a “QUALIFY NOW” tool explained below. The website reviews and applies the requirements and variables relating to the Hope for Homeowners Act and the Hope Loan solution to assist troubled homeowners. See PUBLIC LAW 110–289— SEC. 257. HOPE FOR HOMEOWNERS PROGRAM on the Home Page of the website.  The “QUALIFY NOW” tool is designed to estimate whether the requirements and variables (qualifications) have been met based on the information provided by a homeowner. And, if those requirements appear to have not been met, then why not? In short, HopeLoan.com attempts to also identify which element or elements of the Hope Loan requirements may not have been met or may have been overlooked. The “QUALIFY NOW” tool is not offered as a legal determination, and HopeLoan.com does not hold itself out to be a government agency or to provide legal advice.

Furthermore, there are no credit implications or consequences for a homeowner who uses this tool. HopeLoan.com makes NO reports to any agencies. No adverse credit decisions are being made by HopeLoan.com. Indeed, a homeowner is not applying for credit by using the website or the tool. Rather, the homeowner is attempting to see if the Hope Loan may be a solution that a homeowner may wish to pursue or not. HopeLoan.com offers a handy tool for a homeowner the use, which – provided the information furnished in current and accurate - can assist a homeowner in narrowing down whether the qualifications have been met or not.  It is important to take note that no Hope Loans have been applied for or issued as of this stage. The law and legal formulations are new and remain untried and untested. As of October 1, 2008, the FHA issued a set of regulations and guidance, which information can be found on our website. No court decisions have been made concerning the H4H program.
This Qualify Now tool must be viewed in the light of the fact that this law is new and evolving. The “QUALIFY NOW” tool offered on the HopeLoan.com website may, therefore, evolve. The result reached when the “QUALIFY NOW” tool is used must NOT be considered as a final determination of any kind, and a homeowner or user should not rely upon the result as a final answer of any kind. It is merely one tool possible tool among many for sorting out the mortgage crisis. The goal of the HopeLoan.com website is to provide triage like service for a patient in need of some immediate answers. Then, hopefully, the patient can be directed down the road to recovery. In the case of HopeLoan.com, that means to start the process of contact with a licensed mortgage broker who can further the process with her expertise and assistance.   Nothing about HopeLoan.com rules out homeowners from proceeding on their own to retain an attorney, consult a local broker, or resort to looking at the legal requirements themselves. Indeed, all avenues should be explored by homeowners to save their homes.  

When a homeowner uses the “QUALIFY NOW” tool and appears to meet the requirements, she will receive an email. This email will permit that homeowner to REQUEST that a licensed mortgage broker call or email or write in order to follow up and begin the possible processing of a loan.  There is no requirement that a homeowner follow up.
The website HopeLoan.com is owned and operated by Hope Loan, LLC, a Nevada Limited Liability Company, which is solely responsible for website content, operation and compliance. The principal managing member of Hope Loan, LLC is H. P. Vanderjack. Mr. Vanderjack is also licensed as a Mortgage Broker under California law.

Under the HopeLoan.com website a homeowner may request that she be contacted by a licensed mortgage lender to proceed with a Hope Loan or certain limited other mortgage solutions. When such a request is made, the HopeLoan.com website will forward the request to licensed brokers.