Homeowner’s Act To Save the Day!

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 If you haven’t heard of Bush’s latest attempt to redeem himself in this economic disaster he’s caused, here’s your chance.  Bush signed into law the Hope for Homeowners Act of 2008, on Wednesday to try to pull at least 400,000 homeowners out of foreclosure.  If you qualify, you can get your old mortgage replaced with a brand new 30-year fixed rate loan for up to 90 percent of your home’s current value.  Ok, but, you know who’s behind this deal right?  Bush!  So look for a few catch 22’s in there.  Like the fact that it’s still up to your bank whether to extend you the benefits of the new law. And oh yeah! Look at the part about what happens when or if you’re able to sell your home after refinancing through the government.  Here’s a full Q&A of the new law, so you can see for yourself if this is at all helpful.

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