by Alexis Cala, PICurrent Assistant Producer
There have been some positive changes going on in the U.S., yet the housing market continues to give many people more trouble than their home is worth.
Fortunately, Congress has been working on a housing measure that would assist struggling homeowners and bring loans back down to more affordable levels. While there wouldn’t be direct financial assistance for homeowners, the bill would make it easier for those with risky credit and payment problems to get help from the government (read the full story on The New York Times).
The Associated Press outlines the housing bill similarities:
- Expands eligibility and access to the Hope for Homeowners program, which helps those at risk of default or foreclosure refinance into more affordable fixed-rate loans.
- Uses $2 billion of the Wall Street bailout fund to pay for Federal Housing Administration (FHA) program changes
- Increases the amount the Federal Deposit Insurance Corporation (FDIC) can borrow and reduces the fees banks pay for these deposits.
The Senate bill also includes:
- Assistance for homeowners in default or foreclosure along with $130 million for programs such as credit counseling
- Helps foreclosed renters stay in their homes; requires 90 days notice before renters can be evicted.
- Expand federal efforts to prevent homelessness
Before Obama can sign this legislation or any changes can take place, the House and Senate will have to work out these differences. Until then, there are resources and organizations that can help you prevent foreclosure and stay in your home.
Get help with foreclosure and find out if you’re eligible for assistance:
- Talk to your lender or find a new lender who can help, you can check this list of FHA approved lenders
- Speak with a housing counselor. You can find HUD-approved housing counseling agencies, here.
- Federal foreclosure resources can guide you through the foreclosure process and help you keep your house.
Be sure to check out our sister site, The Beehive, for a section on preventing foreclosure and ways to keep up with monthly payments.
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