Kay, 404-298-5500, Georgia Mortgage Consultant
While running errands in Dekalb County Georgia, I heard a couple of interesting rumors. One was that until the new housing bailout bill was passed,
all foreclosures in the state of Georgia and throughout the United States were on hold. The other was that the housing bailout bill would
put all foreclosures on hold for a certain period of time.
Unfortunately, neither rumor is true. The truth is, that members of the House of Representatives urged mortgage lenders to delay foreclosures until the Hope for Homeowners Act went into effect. The bill was signed in to law by the President on July 30, and the provisions will go into effect on October 1, 2008.
Under the Hope for Homeowners Act,
certain provisions of the new law will enable homeowners currently facing foreclosure to refinance into FHA Loans. Since this Act may help people currently facing foreclosure save their homes, members of the House asked lenders to delay foreclosures until it goes into effect.
The
press release with the request can be found here..
So, the truth in a nutshell is this - there is no moratorium on foreclosures in Georgia or anywhere else in the United States.
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Posted by Kay, Georgia Mortgage Consultant and VA Loan Specialist.
404.298.5500
25+ years' banking and finance experience.
Helping residents of Lithonia, Dekalb County, and all of Georgia with their mortgage financing needs since 1998.
Specialties: VA Mortgages, GA Relocation Mortgages.
Not meant to be tax, financial or legal advice. Please consult a professional for information about your specific situation.
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