The long awaited foreclosure relief bill will be going to vote in the Senate tomorrow and will hopefully become law. President Bush has still threatened to vote to the measure but some feel that the White House at this point might be willing to negotiate despite their harsh resistance to homeowner aid.

Currently the bill does have some measures that the White House is interested in such as FHA modernization and regulation for Fannie Mae and Freddie Mac. Bush is also facing increasing pressure from fellow republicans who are also increasing interested in seeing a foreclosure relief bill pass do to pressure from voters in their districts.

If this bill passes the vote by the Senate it will then be sent to the White House in July for ratification or possibly a veto. Once passed the bill would allow homeowners who can not afford their housing payments to refinance into low risk fixed 30 year mortgages provided by the FHA.

Once passed the new program is expected to be available by October but what is not clear yet is if the government will act fast then that due to increasing pressure by voters and homeowners in trouble.

We urge everyone to do their part and make their voices heard by writing to your representative online here: http://www.senate.gov/general/contact_information/senators_cfm.cfm