Blog Post
New Housing Bailout Bill
Posted by: euser
July 28, 2008
Topic: The State of the Economy
An article in July 25, 2008 New York Times plainly lays out the New Housing Bailout Bill. Consumers need to beware before thinking this is a save-all plan. Notice in reading this article that if this Bill passes and is signed by the President, borrowers must qualify for the new loan and show proof of income, something that many borrowers did not have to do when obtaining their original loans.
Also, carefully read the provision about selling the property and having to turn over half, if not all, of the appreciation of the property to the government at the time of sale. This may not always be a good thing.
Read here and judge for yourself.
Should you have a foreclosure pending and wish to protect your house using Federal laws, contact us or visit our website at www.GreenwayLaw.com.
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Discharging Taxes in Bankruptcy
Filing Cases Against Creditors in Bankruptcy Court
Foreclosures
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The State of the Economy
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