Congress helping Homeowners to modify loans

Looking to help homeowners remain in their home Congress is ready to spend the remaining 350 billion dollar bailout funds. Loan modification will help decrease foreclosures and help homeowners to remain in their homes leading to the housing market to stabilize.

Congress is considering tax credits to banks for making such modifications. Ways to modify are extending the loan to a 40 year mortgage, decrease increase rate, refinance using the FHA program.

Already we are being to see banks are more patient and willing to work with the homeowner.

If your housing exceeds 31% of your gross monthly income you could qualify for such a program.