House Debates New Foreclosure Rescue Bill
News from the House of Representatives this week is that discussion will cover a proposed $300 billion housing rescue package aimed at trying to turn around the horrible condition of the real estate market. Most of the money would be used to try to stem the tide of foreclosures, which previous legislation hasn’t been able to do, causing many to criticize the federal government for doing little to actually help homeowners in foreclosure.
The new legislation would use federal funds to ensure new refinancing loans for people facing foreclosure. Caught under the weight of adjustable rate and subprime mortgages, many homeowners have been unable to keep up with monthly payments and end up in foreclosure. The proposed bill would allow them to get new mortgages at better, cheaper rates.
However it could run into problems, as the government won’t be wiling to sponsor risky loans if the lenders don?t agree to trim off some of the money owed on the loans. Now that property values have fallen so far, most mortgages now in default are worth much more than the properties they were used to buy.
More on this foreclosure news as it develops this week.
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February 24th, 2009 at 10:26 am
We have an arm loan with Countrywide and for the last three months they have told us that we are in a workout program and not to worry that they wouldn’t do anything that we coulcn’t afford and we were prequalified because of the kind of loan that we have. But last week we got a letter that our loan doesn’t qualify and they will start forclosure on the 27th of Fwbruary. We called and they said that the only help that they could give us was to raise our house payments $1,0000 for the next 8 months and that was the only help they would offer. I don’t feel that they are doing anything to help anyone but themselves and that they just lied to me for the last three months and then started the forclosure befor I could try to find any other options to try to save my house. My husband is disabled and the house is all we have.