Housing Recovery Act

Housing Recovery Act

Good news for homeowners in danger of execution / auction mortgage (Foreclosure). If you own a House, apartment or property in the United States and the recession has caused difficulties to be able to pay your mortgage, there is new hope. The Bush Administration has just released a new program called Hope for Homeowners that took effect on October 1 of this year (2008). The program was authorized by Congress by half of the Economic and Housing Recovery Act of 2008 which became law when President Bush signed it this year. The program will be in effect from now until September 30, 2011. Hope for Homeowners, which translates in Spanish to hope for owners or owners of houses is a program that has as its ultimate objective facilitate you to all home owners in Miami and in any other city or town of the United States (always and if they comply with certain minimum requirements that we will mention later) to have access to a new loan secured by the US Department of Housing and Urban Development (HUD). The new loan will be for 30 years, and will have fixed odds.

This is to ensure that the first and last payment are of the same value. To access the loan, the home must be the same residence where they live and you have to meet the following requirements known as HUD: requirements for qualifying 1. Be your only home or property and live in it 2. The mortgage on your property must be earlier than January 1, 2008. I.e., you had to have gotten your mortgage in 2007 or earlier.

3. Do not have sufficient income to pay the mortgage without help. 4 Your mortgage monthly payments must exceed 31 percent of your monthly income. 5. Not having been previously prosecuted for fraud (in 10 years). 6. No information have provided false when you get the mortgage current 7.

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