Congress on Saturday passed a landmark mortgage rescue plan that is expected to help hundreds of thousands of struggling homeowners. The housing bill, which passed the Senate this weekend, includes a $300 billion program to allow homeowners trapped in loans that they can't afford to refinance their mortgages at lower rates. It allows participating lenders who agree to take a substantial loss on the mortgages to reclaim at least some money and avoid a costly foreclosure. Although he earlier opposed the measure, indications are that President Bush will sign the bill into law today. More to come on HOW to take advantage of this and access the refinance plan if you are a homeowner in need...
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Be sure you do your homework carefully. Hiring a short sale expert to help you negotiate the terms with your bank is important. Many terms are negotiable with the lender, but you MUST know what to ask for to protect yourself. Also, this act is not designed to help everybody. If you have refinanced your mortgage, have a second, a third or if this is an investment property - you likely do not fall under the protection of this act at all.
Aug 15, 2008 06:15 AM
Anonymous
I donot agree with congress not helping every one .The bank stole money from people even now they still stealing money from people, every one is given Baloon payment could u tell me why .They gave me 7 year baloon ,when it was du I have to com up with a lot of money,plus mytaxes .They drained my pocket ,stole all my money plus attoney cost . that is nerve braking and very stressful for home owners. more has to be don I have no money left feeding their familied and What about mine . Iam worthless .NoT fair,Not Fair.America Be fair , the bank Be fair You are verye very
Big jail to the ceo, tellers all of the in the bank communit this atrocity ,U not living them free are YOU? .No matter what you are giving the home owners ,justic,justice justice JUSTICE!!!!!!!!!!!!!!!!!!!
Feb 08, 2012 09:19 AM
#4
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