President Obama signed a new legislation that entices the banks to help save homeowners facing foreclosure on Wednesday. President Obama states that it protects the homeowners and cracks down on lenders who try to take advantage of their situation.
The law expands on an existing program that entices the lenders to adjust the mortgage rate if the homeowner pays an insurance premium. The bill also extends a deposit insurance increase by the FDIC from $100,000 to $250,000 until 2013.
The House voted 367-54 to pass the Helping Families Save Their Homes Act on Tuesday, where it progresse to the Senate who had voted 91-5 in favor of the bill and approved the final version by unanimous consent.
This great news for homeowners who are in true financial hardship, offering them an oppertuniy to short slaw their home or have a Deed in Lieu of Forclosure. If you have any questions about foreclosures or alternate oppertunitys, please contact me. As a Certified Distressed Property Expert, I will be glad to assist you, providing you with specialized brochures that compare foreclosures and its alternates.
Comments(0)