The Mortgage Housing Bill

The house has approved the Mortgage Housing Bill that President Bush has said he will sign into law as soon as it hits his desk. This is an interesting development and may help many people to avoid losing their home. It has been reported that as many as 1 in every 171 mortgages within the U.S. may be in default or danger of becoming in default and for those people this could be helpful legislation. Of course some people say this is just a government bailout program, personally I have not decided yet.

So who is eligible for the housing bill mortgages.

To be eligible

• You must have financed your home between January 05 and June of 07
• You must live within your home
• You must be spending at least 31% of your Gross monthly income on your mortgage payment.
• You do not have to be default on your loan and your payments can be up to date, but you must prove that you will not be able to continue making your payments.

How to Apply

• You can go to an FHA-Approved lender and visit hud.gov to find the approved lenders
• This program could allow you to reduce the amount of your mortgage by as much as 40% in some areas.

Some people call this a bailout since it is a 300 billion dollar bill and it may be, but in the shape that our economy has entered into then it may make sense. Of course personally I would rather see congress do something about the high gas prices. Many people say the market controls the gas prices, but this is crap. Congress could make some changes and announce that we will start to drill our own resources  and it would reduce the amount of gas immediately which would give these people who are not able to make payments on their homes able to pay them once again. Gas prices affect everything we buy and it seems as if Congress just does not care about it. Perhaps if all these congressmen and women would stop taking money from the Oil companies then perhaps they could do something about it.

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