Las Vegas Home Mortgage, Refinance, Equity & Commercial Lending.

If you are interested in being contacted about the FHA Housing Stabilization and Homeownership Retention Act of 2008

Permits the Federal Housing Administration (FHA) to guarantee up to $300 billion in refinanced, viable mortgages for primary residences considered at risk foreclosure. Lenders would have to accept a write-down of principal in exchange for a short payment from the proceeds of the new loan. The borrower would have to agree to share any future home appreciation with the government. Only loans made before Dec. 31, 2007 would be eligible and signs of financial hardship would have to have been apparent before March 1, 2008. This bill is expected to be packaged together with some tax provisions, a GSE reform proposal and a bill to modernize the FHA. Barney Frank, the bill's sponsor, is hoping to finalize work on the package by the end of June.