December 13th, 2007 5:01 PM by Lehel Szucs
This may be welcome news to some people when it passes and becomes effective.
Daily Real Estate News | December 11, 2007 Can Mortgages be Saved With IRAs?A bill introduced in the U.S. House on Monday would allow struggling home owners to withdraw up to $25,000 from their retirement accounts without penalty.Called the Homeowners Assistance Act, the bill would apply to adjustable rate mortgages (ARMs) that were taken out from 2000 through 2004 and with interest rates that reset between 2005 and 2009, says U.S. Rep. Vito Fossella, a Republican."This bill would give home owners access to much-needed capital before they fall behind in their mortgage payments," Fossella said in a statement.Fossella's bill is similar to legislation introduced in October by U.S. Sen. Norm Coleman, a Minnesota Republican. Coleman's bill would allow for withdrawing up to $100,000.