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Federal Foreclosure Assistance
With foreclosures at record numbers across the Commonwealth, Senator Webb has co-sponsored recent legislation to address the nationwide housing crisis. The "Foreclosure Prevention Act of 2008" (S. 2636), is designed to help more families keep their homes by increasing funding for loan counseling to homeowners facing foreclosure, expanding refinancing opportunities, providing local governments with $4 billion in Community Development Block Grants to purchase and rehabilitate foreclosed properties, and granting tax relief to small businesses affected by the housing downturn. The bill also seeks to avoid foreclosures in the future by making the loan and refinancing process more transparent and consumer friendly. If your organization works with families in danger of losing their homes, they can receive advice and assisance from the Homeowner HOPE Hotline, 1-888-995-HOPE (4673). The hotline is available 24 hours a day, seven days a week.
- Published on Friday, May 9, 2008
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