Will the Foreclosure Bill Help Me If My House is Already Foreclosed?
Over 10 million people have foreclosed on their homes and approximately 4.
5 million are facing losing their homes.
This bill targets people who currently live in and possess a home and have a mortgage on it.
If you have already lost your home due to a foreclosure there is nothing in the foreclosure bill that is going to help you.
You are entirely out of luck and there is nothing that the government is going to do for you.
You will have to rent in a home that most likely has a monthly payment twice as much as what you paid for your mortgage.
This is because investors have realized there are more people out there right now that need to find a home to rent because they lost their homes due to foreclosure.
They can make the monthly rent whatever they want and they will get it.
There are actually less places to rent then there are people looking for a place to live right now because they have foreclosed on their homes.
You are in really big trouble because the government has no plan to help you.
The only people that the foreclosure bill is going to help are those homeowners that have not quite foreclosed on their home yet.
If you haven't foreclosed yet but the auction date is coming soon then you better run out and file bankruptcy quickly if you want to save your home.
The foreclosure bill will actually allow a bankruptcy judge to wipe away the arrearages you owe on the home and alter your mortgage note to a monthly payment that you can afford.
This will allow you to keep your home.
The foreclosure bill is actually helping other people too.
Those young people who have never bought a home before have the opportunity to benefit from the foreclosure crisis in the nation today.
Whether they are responsible enough to hang on to a home is another question.
However, moving forward anyone who wants to buy a home for the first time will never have monthly payments that are more than 33% of their monthly income.
This is a big benefit.
They will never be given outrageous rates or a payment they cannot afford.
This is only for people who are first time home buyers or for the small number of Americans that do still have decent credit.