The New Housing Bill
July 30, 2008 by Oliveros & O'Brien, P.C.
President Bush signed the new housing Bill today, in spite of an earlier statement by him that he would not do so.
We have had dozens of clients asking if this new bill can help them in their housing situation. Unfortunately, the bill is designed to help a very small percentage of mortgages and requires the home owner to fit into a narrow category.
For a look at what the housing bill is suppose to accomplish, read this brief excerpt. Where most people facing bankruptcy will fit into this bill is the hope to refinance out of an unfavorable loan. In order to do this, the home owner has to be facing foreclosure, and the bank has to agree to take something of a loss.
The hard truth is that it is going to take some time for the government to actually implement the new bill, and even more time to see how, and if, it works.
In: Housing