Senator Durbin is proposing legislation that would give struggling homeowners the right to temporarily remain in their homes by paying a fair market rent to the bank. He will introduce the bill this fall.
"If it looks like a person is going to lose their home to foreclosure, they should be given the option to stay in their home and pay rent," Durbin said. "They will be occupying the home, the bank will receive some money, and at least there's gonna be a chance for the folks to keep a roof over their heads."
Senator Durbin also wants to extend the homebuyer tax credit and provide funding to support programs where homeowners and banks can work out loans.
