Bailout Passes – Not too Fast
The bailout hearings have passed all the hearings and deliberations and it has been signed into law by the new President Obama, now why am still facing foreclosure? Well this is how the system works, the law having passed needs to set-up a specific group who would be handling the disbursement of funds per se and that entails looking through all the paper work to determine who really is a legitimate claimant from the millions who are claiming assistance. You wouldn’t want to send a bailout check to Bernie Madoff now would you? Then you have to send in your specifics which states you are really in trouble with your mortgage and badly need the cash to pay for your mortgage that is long overdue, they check with the mortgage firm and looks at how much you need, and them, finally writes the check. It gets more interesting, they send it out (gets to you in maybe a couple of days) and you get the check. All the time you may have waited a couple of months to get the badly needed check for your mortgage.
The time it takes for the government check to reach you would be at least a month and during that time you may have gone over the grace period of your mortgage. Now what can you do, just keep in touch with the mortgage people and opt for the rescue plan they have for they are required by law to extend your grace period as part of the mortgage assistance package. Take action and do not leave everything to chance, this way you do not get any surprises along the way, as the check makes it’s way to your doorstep.