The new act is signed and set to start soon but will you be able to take advantage of it if you have an adjustable rate mortgage currently? That is a great question.This now act is a 694 page bill and if you are so inclined and just plain bored and have all day with nothing to do you can check it out here.
Here are some main points that you need to know if you have been hoping for something like this.
#1. You will be sharing your equity with uncle sam when you sell your home...What? you might be asking...well you don't get something for nothing so sharing the equity is just the start! You have to share 50% of all profits to be exact.That is assuming you sell.
#2.Not all lenders are going to be rushing or excited to be doing this for you..Why? Well they like what they have right now...it benefits them more than you so you may have to push them to re fi for you...Public and Political pressure may be needed to get them to "Get on board"!
3.This may not benefit those that have lost their employment etc. You have to qualify for the new loan so if your income has gone away and you can't make your payment re-fi ing isn't going to work for you and you should look at other options such as a deed in lieu or a short sale.
Here is a summary if you don't want to read the entire 694 pages....
Talk to your mortgage professional soon if you need any expert advice on loan/mortgages. If you need a reference contact me.
Regards
Rick Goates
ECO Broker
Keller Williams Realty
Redding Ca 96001
530-248-5627
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