It was reported that late Thursday that a key committee in the House Representative passed legislation which would make it possible for borrowers facing foreclosure to get up to $300 billion in federally insured mortgages.
Troubled borrower will have the opportunity to have funds available to them thru the principle provision in the bill in which FHA would guarantee a new loan for them. This would be available only if their existing lender will agree to accept a short payment or ninety percent of the property value.
In the event the borrower makes any profit off the home once it is sold, then they would be responsible to pay back the difference owed.
Hopefully, this is not too late for many homeowners facing foreclosures and will be a sign of home for some. Homeowners need to be aggressive in finding out from their banks and well as local government as to how they can qualify for these funds. They need to not take this as a hands down but as a helping hand. In Orange County Florida, it was reported by the local government that there are many help out there but people are not asking for it. Please don't be afraid to ask and be persistent. Sometimes the person on the other line might not be familiar with what you are asking for and will quickly give you and answer just to get off the phone. If you are not satisfied with the result, be determine to speak with someone who can help you.