Mortgage Expert Explains Recently Signed Mortgage Relief Bill

KSDK -- Relief is on the way for thousands of homeowners facing foreclosure. On Wednesday, President Bush signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets.

Homeowners who cannot afford their payments can refinance into more affordable government-backed loans rather than losing their homes. The program begins October 1.

However, a local mortgage expert recommends working out a plan with your lender now.

"If you're currently behind, lenders do not want to foreclose on your property," said Ruth Battle, senior vice president at Paramount Mortgage. "Most lenders are going to want to work with consumers to do what it takes to keep them in your homes."

Battle also recommends finding a reputable, trustworthy lender by contacting the Mortgage Bankers Association of St. Louis.

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For more information: Mortgage Bankers Association: http://www.mba.stl.com Paramount Mortgage: http://www.paramountmortgage.com