Mortgage Aid or Not?

A program developed by the government may give some relief to home oweners facing current mortgage strains. The program would allow qualified homeowners to exchange their current mortgage for a more affordable loan. Some of these qualifications include spending more than 31% of income on mortgage payments and loans completed this year are excluded unless the loan was completed on January 1st. It will also be up to the lender to participate in this program in which they would ultimately lose on the initial loan. So if lenders get on board with this program it is possible there may be some relief but there is also the fact that they may indeed decide not to participate in which case this program would go no where.

   Information Provided By-Alan Zibel AP Business Write (Miami Herald)

This entry was posted on Wednesday, October 1st, 2008 at 9:33 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.