Foreclosure Rescue Programs Help Few

Posted on September 5th, 2008 by saman

There are some who have lost their home a number of years ago believe that the current foreclosure bill is only helping out borrowers who have recently gotten into trouble with their mortgage. If you look at the current housing legislation those who feel the legislation helps only current borrowers will find that they have no more benefits than they do.

Since foreclosures are one of the main points of interests to many, there have been a number of bills that have been passed in the past year that are supposedly designed to help homeowners save their home from becoming a foreclosed home. However, those who have lost their home in past years have a lot to be concerned about because the majority of the federal bills are crafted to help out banks and corporations rather than homeowners.

For example one of the housing bills give tax breaks for those who make cars and airlines. These are obviously not your average victims of foreclosure. With this you see that the taxpayer will be paying for the bailout not of those who have lost their homes but corporations who have lost money because of the recession.

Even is a homeowner is currently facing foreclosure, there is not much chance that the foreclosure bills can help them save their homes. The latest move is crafted to assist four hundred thousand homeowners, out of the millions who will most likely lose their home to foreclosure in the next few years. About ten percent of homeowners who have fallen behind on their house payments will get assistance from the government and even if they do, these bailout programs are voluntary and the bank does not have to help.

For the most part the foreclosure bills are just an arbitrary effort to quiet homeowners and to get them to vote for the party that wants to take credit for the legislation since it is an election year. The foreclosure programs are voluntary and they do not always apply to certain homeowners. The programs will not stop large numbers of foreclosures. The programs will not impact the credit crunch and inflation that actually lies in the middle of an unethical financial system that has had a hand in forcing people into foreclosure to begin with.

Bills such as the foreclosure bills that were passed long ago would probably make the foreclosure situation much worse and the new bills will quicken the economic slowdown. Some homeowners would not even have qualified for foreclosure programs but they would have to bail out those who did qualify for the programs even when they were in the middle of losing their home.

It is vital that individuals look at what is actually in the new bills, not just pay attention to what is told to us by the media. We should also not be fooled by what these bills are named. In truth, Congress is using money of the average person to assist corporation with their financial struggles, not the person who is losing their home.