Now that the new Mortgage Rescue Bill (HR 3221 Housing and Economic Recovery Act of 2008 ) is in effect, you may be wandering how it may help you if you are having problems with your current loan. Shailesh Ghirmire of the Arizona Mortgage Guru has a step by step guide to help you decide if this will work for you.
Other key elements of the bill you may want to check out include the elimination of most FHA seller assisted down-payments, and a change in the calculation of capital gains tax for home sales.
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