VOLUNTARY

The Hope for Homeowners Program as contained in the Housing and Economic Recovery Act of 2008 specifically provides that it is a voluntary program.

This means that Congress provided no mechanism to compel either the homeowner or the lender to work under the program. The lender is not required to work with a homeowner even in cases where a homeowner clearly qualifies under the law. Rather, Congress acted on the assumption that a Hope Loan is better that losing a home for a homeowner and family and that it is better than paying legal fees and expenses to take back a home that has declined in value.