New Housing Legislation To the Rescue?

It’s hard to predict at this point what will actually get passed through this latest attempt to help the housing market. As I mentioned earlier, it’s an election year and everyone wants to look good. The bill was originally portrayed as a mechanism for keeping people in their homes. Unfortunately, it seems like the current revision will offer little new help for those in danger of foreclosure. The Senate voted down a measure to give more leverage to homeowners who resorted to negotiated loan terms in bankruptcy courts.

This new legislation needs to focus on preventing foreclosures. If you think you are in danger of foreclosure, I advise speaking to a Realtor to explore your options. A short sale, where the bank accepts an amount of money less than what is owed, may be the answer. This isn’t something you would want to undertake on your own, as the legalities can be complicated.