This February the Responsible Homeowner Refinancing Act of 2013 was reintroduced to Congress for approval. The bill is packed with benefits for the upside-down homeowner, including the ability to refinance at lower rates. Lower rates for these homeowners could mean avoiding foreclosures and saving monthly on mortgage payments.

So, where did this bill originate? Previously introduced in the 112th Congress, the bill was reintroduced by U.S. Senators Robert Menendez (NJ) and Barbara Boxer (CA). Now with the housing market experiencing a bit of recovery, the bill is getting traction.

Some benefits of the bill include:

  • Preventing homes from foreclosure and reducing the numbers of foreclosures predicted for 2013.
  • Homeowners who are responsible and hardworking will be able to refinance and benefit from lowered interest rates, which are currently at a low 3.53 percent.
  • The Home Affordable Refinance Program (HARP), which assists homeowners who are in danger of foreclosures, will be extended through the end of 2014.
  • Costs and time for lenders and borrowers will be reduced by the way appraisals will be handled and approved.
  • The bill will eliminate verification requirements of income or employment for the homeowner.

If passed, responsible homeowners who are trying to make ends meet will be granted some relief in this challenging economic climate. Supporters of the bill hope to see homes rescued from foreclosures and reliable homeowners rewarded for their dependability.

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