Democratic Home Mortgage Bill:

Posted In: Mortgage Community
On Thursday the House of Representative passed the Home Mortgage Bill to provide limited relief to the defaulted homeowners. The main provision of this bill is that FHA will guarantee up to $300 in refinanced home loan. Homeowner who have taken sub-prime mortgage and ARM but still shows now the ability to pay the refinanced loan will have reduced principal and converted their mortgage to 30 year FRM. This will help them to reduce monthly mortgage payments and avoid foreclosure.