Foreclosure Rescue Corporation Act
The Bill, at this time, is in front of Congress and will help some homeowners if and when it ever gets passed. The purpose of this Bill is to provide emergency relief to homeowners currently in foreclosure, serious default, or with a reasonable expectation of imminent default. By doing this they hope to accomplish…
1. Extend relief to borrowers who are unable to refinance their loan elsewhere and also to those whose mortgage exceeds the value of their home.
2. Reduce the amount of foreclosures that has caused a downward impact on home values.
3. Encourage mortgage investors and servicers to modify the terms of existing loans to the extent that the borrower can reasonably repay the debt.
Potential borrowers, it appears, will need to qualify for the loan through verification of income, assets and credit scores. The actual criteria for qualifying was not set forth. The majority of homeowners who are either on the verge of foreclosure or in foreclosure are sub-prime borrowers, so it will be interesting to see how many people this new Bill will actually help.
The funds to finance this corporation will come from the issuing of bonds and repayment of these bonds will come from the interest earned off the mortgage loans they originate and service.
To read the full contents of this Bill go to http://thomas.loc.gov/ and search under Bill number H.R. 4135.
Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage Corporation
303-987-0622
dwing@academynational.net
1. Extend relief to borrowers who are unable to refinance their loan elsewhere and also to those whose mortgage exceeds the value of their home.
2. Reduce the amount of foreclosures that has caused a downward impact on home values.
3. Encourage mortgage investors and servicers to modify the terms of existing loans to the extent that the borrower can reasonably repay the debt.
Potential borrowers, it appears, will need to qualify for the loan through verification of income, assets and credit scores. The actual criteria for qualifying was not set forth. The majority of homeowners who are either on the verge of foreclosure or in foreclosure are sub-prime borrowers, so it will be interesting to see how many people this new Bill will actually help.
The funds to finance this corporation will come from the issuing of bonds and repayment of these bonds will come from the interest earned off the mortgage loans they originate and service.
To read the full contents of this Bill go to http://thomas.loc.gov/ and search under Bill number H.R. 4135.
Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage Corporation
303-987-0622
dwing@academynational.net
posted by Academy National Mortgage at 11:39 AM
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