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Wednesday, 12 December 2007 01:00 |
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The recently announced White House plan to offer
systematic interest rate relief for some borrowers with adjustable rate
mortgages about to reset to a higher rate is a modest, but worthwhile approach
to a growing crisis.
Whatever the debate on the reach of the plan, some
homeowners with mortgage payments set to jump from barely affordable to
unaffordable will benefit--so long as they act quickly and apply before their
scheduled rate hikes. We urge you to encourage borrowers to call the HOPE NOW Alliance hotline
immediately at 1-888-995-HOPE to see if they qualify and what rate relief
options are available.
Woodstock Institute will continue to work on additional
strategies to cope with this crisis including the passage of Senator Durbin's
(D-IL) proposed amendment to the Bankruptcy Law to permit the renegotiation of
the terms of mortgage contracts.
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