AVOIDING FORECLOSURE

In order for a homeowner to qualify for assistance under the housing bill signed into law by President Bush last Wednesday, the individual or couple must be spending at least 31% of their monthly income on their mortgage payment and they must be living in the home. By refinancing their existing mortgage into a 30-year fixed rate loan backed by the government, the borrower agrees to share any future profit from the sale of the home with the government (source: The Library of Congress).