On May 20, 2009 the President signed into law, S. 896, the "Helping Families Save Their Homes Act". This NAR-supported bill includes provisions to limit foreclosures and keep families in their homes. The bill will expand loan modifications by providing a safe harbor for mortgage servicers who conduct loan modifications in good faith. The bill reforms the Hope for Homeowners program, preserving benefits to homeowners while limiting risks to the FHA fund and the taxpayer. The bill also strengthens oversight of FHA-approved lenders to protect the FHA fund and taxpayers from fraud and abuse. Finally, the bill establishes a task-force to investigate mortgage foreclosure fraud. The bill had passed the House and Senate earlier in the week.

Posted by Julie Staradumsky CREN on 05/31/2009 11:30 PM

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fha, helping families save their homes act, activerain, american recover and reinvestment act of 2009

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1 Comments on Helping Family's Save Their Homes

JUN

HI Julie,

It sounds like good news, unfortunately not in time for friends of mine who have just asked me to put their home on the market. The problem we are running into here in Maryland is that so many private sector jobs have been lost, in the construction industry alone, that many of these families don't even have an income in which to restructure. Sad.

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