A new bill could increase the chances of Americans in financial troubles to keep their houses.

In the Restoring American Financial Stability Act, a fund would be established to lend up to $50,000 to unemployed homeowners, given that these homeowners could possibly begin to make payments within two years. The federal bill is modeled after Pennsylvania's Homeowners' Emergency Mortgage Assistance Program. The funding for this project would come out of the Troubled Asset Relief Program (TARP), and total $3 billion.

Last week, the Senate passed the bill, but changed the wording of the bill, requiring the legislation to pass through the House again for a reconciliatory vote. If a resolved bill passes, the President is expected to see a draft by the July 4, 2010 recess. 

There are many possible solutions for homeowners to defend against home foreclosure. Given the current economic situation, though, the situation of many seems too far removed from any semblance of security to keep their houses. If you believe you are facing impossible odds or simply need a little help to make sure your home will not be suspect to foreclosure, a legal professional specializing in foreclosure defense and mortgage modification may be exactly what you are looking to find. Contact the Maryland foreclosure defense attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.