Homeowners across the Chicago region can breathe a sigh of relief as Congress has finally taken some action to confront the growing housing crisis hitting major markets around the country.
Congress passed two bills on December 14th in an effort to help struggling homeowners and revive a market hit by a decline in sales not seen in years. The FHA Modernization Act passed with a 93-1 vote. The bill raises the maximum mortgage amount for loans insured by the Federal Housing Administration and reduces down payments.
The Mortgage Forgiveness Debt Relief Act will offer tax relief to lenders who offer relief to homeowners facing difficulties with making payments. Previously, lenders still had to pay tax on income not received. This bill should mean more help for homeowners who are facing foreclosure.
The bill is the first concrete action taken by the U.S. Senate and House of Representatives towards bringing a real solution to the current housing prices. Foreclosures are up over 100 percent from last year and are now at all-time highs.
The housing crisis has also meant lower prices on Chicago Homes for Sale around the greater Chicagoland region.
Technorati Tags: Chicago Housing Relief, Chicago Real Estate News, Chicago Foreclosures
