Housing and Economic Recovery Act of 2008

We hear a lot in the news these days about the housing crisis and what government and financial institutions are doing to handle these challenges. The nice thing about home ownership is that we get to live in our homes and as long as we are current in our mortgages these problems really have little impact on us. However if a homeowner begins to fall behind in their loan payments there are some steps that need to be taken quickly. I was thinking that if that happened to me or someone I knew, I would want to know what to do and how to reach out for help. With that in mind here are some steps that could be taken.

• I would quickly call for help. A 24 hour hotline set up by Fannie Mae to provide mortgage counseling (in multiple languages) would be a good place to start. The number is 888 995 HOPE.


• I could call my lender directly and begin a dialogue with them to help explore my options.


• I would try to get my hands on some good information about these programs:
  
• 12 Things You Should Know When Calling Your Lender


• NY Times Article: Housing Bill Has Something for Nearly Everyone


• Housing and Recovery Act FAQs

It will take some time to work through this difficult period, but I applaud the government for at least doing something to help homeowners weather the storm and encourage new buyers. Make sure you know how this legislation applies to you and what help is available in case you know someone who might need some good information.

Thanks for helping me better serve our Real Estate Community.