Housing Bill: What Consumers Need to Knowby Tim Manni
While it might seem like a lifesaver for distressed homeowners on the brink of foreclosure, the housing rescue bill that provides $300 billion for distressed homeowners does not mean automatic relief for every homeowner. In fact, the potential for relief depends solely on the voluntary participation from both lenders and borrowers.
Not only is participation by both sides necessary, homeowners must fit into specific parameters and qualifications to take advantage of the housing relief designed to help nearly 400,000 households.
Be sure to read “Tips For Homeowners On Understanding Sweeping Mortgage Bill” in the Hartford Courant. While not a comprehensive explanation, it provides some very useful information, summarized for consumers from a nearly 700-page bill.