Congress is considering a bill right now that would allow homeowners to use their retirement monies penalty free to help them get current on or refinance their morgages. This bill would affect people who are 60 days or more late on mortgage payments, who live in the home as a primary resident, and who make adjusted gross incomes of $166,000 or less per year as joint filers or $114,000 as a single person. It would allow them to take up to $100,000 out of a retirement account to put toward their current delinquent loan or to refinance their loans into a more affordable payment. You would avoid paying the 10% federal tax penalties but have to re-pay the money you are borrowing within 3 years. This plan would only be available until the end of 2009.
Another bill that is being pitched is directed at lenders and other mortgage propfessionals. It would ban inferences with appraisers valuations and impose penalties on individuals and companies "who intimidate, threaten, bribe or otherwise attempt to influence an appraiser's valuation of a home" according to Kenneth Harney a syndicated columnist for the Seattle Times. This bill is intended to safe guard buyers against purchasing homes for prices that exceed the actual value of the homes due to inflated appraisals. This bill would be bundled in with other bills meant to regulate the mortgage industry.
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