As you are well aware, Congress passed a "Bailout Plan" on October 3, 2008. A portion of that bill will help homeowners who are behind on their mortgage. It appears the relief will be limited to "troubled loans controlled" by the government. As of the date of the bill, troubled loans controlled by the government are Fannie Mae and Freddie Mac loans. If your loan is a loan generated by Fannie Mae of Freddie Mac, the government will likely be handling your loan, if you are behind.
What does this all mean? The government will likely be more helpful in trying to workout a payment arrangement. What concerns me is that rarely does government move quickly. That could work to your advantage if you have no interest in keeping your home. It may be frustrating if you are trying to keep your home and workout a new arrangement.
The Bailout Plan will not help those people whose loans are current.
As we get more details about the Bailout Plan, we will update this blog.
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