What should we anticipate with the New Bill

[Joel Fraser]

Hi! First time posting, looking for advice. My question is based upon the new Mortgage Relief Bill just signed by the President, effective Oct. 1st. What should people with a high percentage mortgage except in terms of relief from this bill? My situation started about 2 years ago. I started falling beyond on my mortgage, ended up with a few months late before it went into Adjustable (2yrs fixed, 3yrs Adjust.). Of course this made it worse, suffered for 5 months, until Fremont finally relented and allowed a loan modification. They fixed the interest back to 8.0%, for 30 yrs. This made it livable, but only barely. I have been on time for over 8 months now, hoping to refiance for a lower % once I have 12 months of on time payments. Problem is credit rating is still low, so I might only qualify for 7.0%, which still helps, but not enough to really have a big effect. I am hoping with the new Relief bill, I can qualify for a FHA type loan, with a low interest rate, 6-6.25%. Currently, mortgage is 495K, home is probably only worth 530K. Started to consider Walking Away, if no viable option is possible. Any information, advice, guidance, direction, suggestions is welcome, Thanks!