Will President Bush's bill in October help? How? What do I do next?

[Joel Fraser]

Hi I am in the IE and am not sure where to go or how to start. Most people don't believe me but I have to start somewhere. In 2004 I was offered a relocation package to the Valley by my new company. I accepted the job and package, however, I had a son in the 10th grade. I had just become a single parent, with a child in college, high school and elementary school. This was a lot to handle all at one time, so I took my time and rather than just accept the company package of 1 month in corporate housing, I took 1 year and paid rent on an apartment in the Valley and Riverside. I sold my house in 2004 and was sued for divorce in 2005. Okay, so I was lost and confused about what to do next. My high school student went on to begin the 11th grade....Not wanting to disrupt my son's education... my story begins from there. I decided to buy a home rather than continue renting 2 apartments with no tax benefit and having all of my belongings in storage. My son only had 2 years to go to complete high school - _*so I bought the house for 2 years in 2005*_....not to flip - I didn't care if I made a profit. I just bought it for 2 years so my kids would have a home and then I would relocate... I am driving 92 miles one way everyday for the sake of my kids..... I purchased a home for $500K with zero down. I took at 80% first and a 20% second. There was a 20% pre-pay penalty on the first. I felt I could afford the mortgage because I was paying rent on 2 apartments. However, I neglected to account for increased costs on several fronts. After 8 months, I was strapped. So I found Nationstar would refinance me. However, I had to buy down the interst rate and this occurred in 2006. Okay - now I owe $560K but I am handling the mortgage payment. The refinance was for 2 years more with an adjustable. I knew it was a garbage loan but everyone was able to sale, why shouldn't I be able too? Well, the rest is history... the 2 years went by and it is now 2008. The note is adjusting this month. The house is worth $360,000, I owe $545,000. I can't sell, the note is adjusting so I am paying more interest which is reducing the amount going towards the prinicpal. I am still paying the mortgage and I am not behind...but why? I will never get ahead. I will never make up the lost equity and I have no benefit. By the way, my son is doing great with a 4.0 GPA in college on the president's list of honor - so I made the correct decision for him but I am losing everything. Will the bill President Bush signed for October 2008 do any good? Will it help me?