Very recently, I strongly recommended any of you out there facing foreclosure to immediately write, call, text or email your representatives in Washington to oppose legislation on four bills that would terminate programs designed to help people such as yourselves in avoiding foreclosure. Well, an update: two of those bills, on a totally party line vote, passed House Committee and now go to the full House for consideration. The other two are still in committee.The two bills going to the full House would then go to the Senate if they pass the House. The Democrats, who control the Senate, oppose both bills, so, if the bills get that far, the likelihood is that they'd be defeated. But do you want to take a chance on someone being swayed during negotiations and hearings to vote for the bills? I wouldn't! Protect yourself! Contact your reps NOW & tell them to vote NO on both bills. They are titled HR 830 and HR 836, for your easy reference.
The former targets the existing program that allows a homeowner whose home is worth less than the mortgage to refinance into a new loan that's FHA-insured if the lender will agree to write off at least 10% of the original loan balance.
The latter bill tries to end the program that was created this past summer to help homeowners who've lost their jobs by giving them a "bridge" loan to cover past due loan payments and up to a max of 24 months of loan payments on the mortgage while the homeowner seeks employment. What can be so terrible about a program that helps you save your home?!
Do it NOW!
Good luck!
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