Colorado Springs Foreclosures: Hope for Homeowners Act of 2008 – Questions and Answers

President Bush recently (7/30/08) signed a new piece of legislation designed to “steer as many as 400,000 struggling homeowners away from foreclosure.”

MSNBC.com has a great article on some of the frequently asked questions and answers regarding this report. Some of the questions include:

  • What exactly will the legislation do?
  • Who is eligible?
  • When does the program start?
  • Since lenders can pick and choose which loans to refinance, how can consumers determine if theirs will be selected?
  • Is there anything a homeowner can do to improve chances of benefiting from the program, such as crunching numbers to make a case for the bank?
  • What happens if I’m able to sell my home after I refinance? (<- Very interesting answer…)

Find out all the answers here: Will the housing-rescue law help you? –Legislation aims to help more borrowers avoid foreclosure

If you are facing a foreclosure and are interested in SELLING your home to avoid foreclosure, please contact the Wagner iTeam ASAP. We work with many people in situations JUST LIKE YOURS and have been able to help many people sell their homes before foreclosure. Don’t be embarassed or ashamed. You are in the same boat as MANY other homeowners – both in Colorado Springs, and the whole nation. Let us help you: (719) 434-7525