Smaller Homeowner Relief Already In Place

Don't wait for home owner bailout provisions to trickle down from the $700 billion Emergency Economic Stabilization Act of 2008," (H.R. 1424) recently rushed through Congress. When it comes to help from new federal legislation for distressed home owners, the $300 billion "Housing and Economic Recovery Act of 2008" (H.R. 3221), signed earlier this year, can provide more immediate relief. The $300 billion recovery act has both a mandated mortgage modifying provision and a voluntary "Hope For Homeowners" (H4H) refinance program, for home owners who qualify.
      In part, the stabilization act calls for federal agencies holding mortgage and mortgage securities to identify loans that can be modified and work toward modifications. And the stabilization deal calls for shoring up the H4H program. How any of those provisions will be implemented, however, is still under consideration.
      Loan modifications: On the other hand, the older recovery act, signed in July came with one provision ready to go. It mandated that mortgage servicers modify loans for certain...

See the entire December 2008 Newsletter

Also, here is last month's issue too, November 2008 Newsletter