Foreclosure Bill: Sections Explained – Foreclosure Victims Blog News

Sections Explained: Summary
 Overview of Program
The plan combines large tax breaks for homebuilders and a $7,500 tax credit for peoplewho buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes. Help families keep their homes by increasing preForeclosure counseling funds, expanding refinancing opportunities, and amending the bankruptcy code to allow the modification of  nontraditional and sub prime mortgages on primary residences;

Sections Explained: (Sec. 112)
`(A) not to exceed the lesser of
`(i) in the case of a 1family residence, 110 percent of the median 1family house price in the area, as determined by the Secretary; and in the case of a 2, 3, or 4family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation in effect for 2007 under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C….

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