… with an estimated 20.4 million homeowners in the United States who now owe lenders more than their homes are worth because of the across-the-board decline in home values, according to a recent study from Zillow.com:
” … the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter [2009] from 16.3 million at the end of the fourth quarter [2008]. The latest figure represents 21.9 percent of all homeowners, [which is] up from 17.6 percent in the fourth quarter and 14.3 percent in the third quarter.”
Obama’s plan, which is often referred to as the “Making Home Affordable” program, is intended to “stimulate” the housing market and reduce interest rates/loan amounts for homeowners struggling to meet their monthly mortgage obligations.
Typically, homeowners who are “underwater” are not permitted to refinance their mortgages, but now the has changes for loans backed by Fannie Mae and Freddie Mac under the new initiative.
To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here. The official “Making Home Affordable” Web site can be found right here.
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September 16, 2009 at 5:46 pm
Erik F
Well written and easy to understand. Hopefully educating the general public on this will help put an end to the foreclosure storm.
Erik