THE NEW HOUSING BILL (CNN MONEY VIDEO)
This bill was was approved by G.Dub since the airing of this clip, but the discussion is a pretty good overview of what the housing bill is all about when it is to begin on October 1, 2008. There are six main benefits to the bill:
1) The homeowner has the ability to renegotiate mortgages.
2) There is a tax break for first-time buyers.
3) There is an additional deduction for current homeowners.
4) There are changes to existing “reverse” mortgage rules.
5) Redefining the terms of a mortgage “jumbo” mortgage.
6) There is a significant benefit/break for veterans.
PLEASE NOTE that many lenders have been and are modifying their troubled loans right now because it plain makes good sense. The challenge is navigating the process and negotiating with them on the right level, with the right resources in your favor.
