How do I qualify for the mortgage rescue bill just signed by Pres Bush?

I am not in foreclosure but I am 2 months behind with my mortgage payments.





Now, the bill that Pres Bush has signed:


1. How did they figure out that its 400,000 people that need to be saved?


2. How do I know if I qualify?


3. What steps do I take to take advantage of this package?How do I qualify for the mortgage rescue bill just signed by Pres Bush?
Contact a lender and say you want to participate. They will be happy to get your business. .How do I qualify for the mortgage rescue bill just signed by Pres Bush?
I believe you are referring the mortgage relief act of 2007....





First I'll explain what this does....





1. If you are behind on payments you have only 3 options - first one is just turn the other way and act like nothing is wrong... the bank will foreclosure on your property OR you can say bank... i know i cant pay so here take my keys (giving title back) deed of lieu - second, try to sell your home conventionally (Realtor, For Sale By Owner) or un-conventionally (cash investor, carry the paper and etc) - Third, if you owe more than what the house is worth - you can request a ';shortsale package'; - this should be done by a professional - the bank will ';forgive'; the lopsided amount... and the government will not charge the difference from what you owe (loan) and the amount the bank approves...





The easiest option maybe to modify your loan - this also needs to be done by a professional or wise the bank will just brush you off. TRUST ME, I know couple of homeowners who took thought they can do it better than my team - and the bank foreclosed on them.





Whatever option you choose, do not let them foreclose the house on you!!! You will have bad credit for 7 years AND the bank can go after what they FOREVER (called deficiency judgment).





GOOD LUCK!!!
You need to contact your servicer. Believe me, the bailout from the housing rescue bill is the last option you would want to pursue. First, they would try reducing your rate, next they might extend the term and the last option would be to reduce the term.





You servicer is going to be the only one who can make the determination as to whether that rescue option would be the best way to obtain long term affordability.





You need to know what the details are. You will be giving up a lot to participate in this new program. I don't even think that it has been enacted yet so work with your servicer first to see what options they can offer immediately.





The law makers have no idea how many people might need this kind of help. This is just a bandaid.
I was in your situation but I received a Mortgage Modification from this company called American Modification agency! They worked with me and acknowledged my hardship and assisted me in getting my rate reduced and now i am able to keep the house me and my children call home. Give my Modification Processor a call, her name is Jerisha Goodwine- 516-506-4104 they help folks all over the states!!


Best of Wishes


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