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How housing rescue bill can help you?

I hope this is not too late for other home owners. I would like to share this news I've read today from Money.CNN.com website regarding housing rescue bill. I think this housing rescue is a year or two years late. Read more to find out.

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The legislation - likely to be enacted soon - devotes $300 billion to helping troubled homeowners avoid foreclosure. See if you qualify.

The Senate on Saturday passed a $300 billion housing rescue bill aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac.

President Bush is likely to sign the bill into law within days. After the law kicks in on Oct. 1, thousands of at-risk borrowers will be able to refinance their unaffordable old mortgages into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA).

The Congressional Budget Office estimates that 400,000 borrowers with $68 billion in loans may benefit from the program - but the bill allows for as many as 1 million or 2 million borrowers to participate in the program.

continue reading this article if you are dealing a possible short sale or foreclosure:
http://money.cnn.com/2008/07/26/real_estate/housing_rescue_guide/index.htm

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