The legislation that has just gone thru congress and passed will go into affect October 1st 2008.  This new legislation will allow cash strapped borrowers that are upside down on their mortgage the opportunity to qualify for a safe, government-insured mortgage refinance of their home thru FHA to get more affordable loans with lower monthly payments

It would also help homeowners who have seen their mortgage rates skyrocket and their home values crash to the bottom.  FHA will allow the home owner the opportunity to refinance their mortgage at lower balance and lower interest rate as long as the homeowner can qualify at the new payment.  This type of loan will require documentation of income as well as assets to qualify.  

This week’s value:  Security

 The last week of August brought us some of the strongest  Monsoon storms that we had in years.  Some neighborhoods in the Valley were out of power for as much as 72 hours.  And as I write this, New Orleans is being hit by Gustav. 

It just reminded me of the time that we were living in Florida.  Each year, we have to prepare and emergency kit.  We have to pack up a box with canned foods (ligo, spam, etc), water, batteries, radio, and other non perishable foods.  Before the hurricane, we cooked a lot of rice and adobo in case we would not have power for a few days. We have to keep it in our closet under the stairs (no windows) and that’s where we stay to weather the storm in case our roof flies off.