New Mortgage bill does it help
August 4th, 2008 · 1 Comment
check this out
On July 26th 2008 Congress signed a bill to help homeowners facing foreclosure to save their homes. The 300 billion dollar foreclosure rescue bill is aimed at helping homeowners to avoid foreclosure and rescuing the mortgage giants Fannie Mae and Freddie Mac. The criterion for qualifying is listed below.
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The homeowners must currently live in the homes. The mortgage was issued between June 2005 and January 2007. The homeowner must be spending at least 31% of their gross monthly income on mortgage payments. The homeowners facing foreclosure can even be current on their mortgage payments, but show they cannot continue making payments. This is a departure from current practice of waiting till you start getting behind on your mortgage p[payments and begging for some relief to save your home from foreclosing. |
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Here is a great resource to help A Foreclosure Survival Guide
www.stopbankforeclosurestips.com/website/sales.html
Just copy and paste in your browser.
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1 Don't do it // Sep 7, 2008 at 1:07 pm
This is not help for the homeowner. The bank made the loan. This is just another way for people to screwed. Foreclose, rent an apartment. I have a home I just went to refinance at a lower rate from FHA with all the fees and closing costs It would have added anoher 10,000 to my original loan of 157,000. was approved and everything until I saw final paper work. It went from 161,000 to 167,000 plus. Told them to forget it. If my company doesn’t want to work with me I’ll sell and if I can’t sell I’ll foreclose. By the way I have excellent credit. It doesn’t help so that’s a crock about getting better interest rates. DON’T DO IT. READ EVERY PAPER AND UNDERSTAND IT IF YOU DO. GOOD LUCK. I DON’T GIVE A DAMN ANYMORE.
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