Understanding and sympathizing with our customers is part of what makes CENTURY 21 Agents Professional Champions. Now is the perfect time to educate yourself on the legislative findings and information on how to avoid a foreclosure.
The Emergency Economic Stabilization Act of 2008 (H.R. 1424) was passed on October 3, 2008. The purpose of this bill is to revive the U.S. financial system by allowing the federal government to buy up to $700 billion in failed mortgages from banks and other financial institutions. The provisions in the bill encourage banks to work more closely with borrowers in foreclosures and short sales. This summary uses some general subject headings to illustrate the many pro-taxpayer and pro-borrower provisions in the law, as well as to showcase the provisions that encourage banks to work more closely with borrowers in foreclosures and short sales.