The Plan to Help Homeowners Refinance

  1. from whitehouse.gov...

    Congress is considering a plan that would help millions of responsible homeowners save hundreds of dollars each month by refinancing their mortgages.

    The plan to expand access to refinancing is simple: make it easier for millions of responsible homeowners with mortgages backed by Fannie Mae and Freddie Mac to take advantage of historically low interest rates, even if they are underwater, as long as they are current on their payments. The proposal would establish a quick and hassle-free process--no more tax forms, and no more appraisals--just a lower interest rate, and lower payments each month.

    Ask An Expert: How Will This Impact Local Economies?



    Ask An Expert: How Much Will Refinancing Cost The Taxpayer?



    We've put together an infographic that shows how many people stand to benefit from this new plan and explains some of the details behind it. Learn more here.

    •  
  2. 3 Comments

  3. by   tewdles
    Talk about an economic stimulus plan...

  4. by   nursefrances
    I wish they would have made the banks do something like this a few years ago, but IMO, they (banks) were too greedy.

    I feel for the the many homeowners who wanted to do something like this in the last few years and the banks said they couldn't help them unless they were behind on payments. So they became late on payments to qualify for a short sale or some other program. Now they come out with this.
    Oops! You told them to not pay it, they didn't pay it, now they don't qualify for the new program. (Sorry, just venting...I have seen many friends go through this.) Also, this doesn't solve the problem for those who are upside down. I know some who owe $100,000 or more than the house is currently worth. (yuck!)
  5. by   tewdles
    Quote from nursefrances
    I wish they would have made the banks do something like this a few years ago, but IMO, they (banks) were too greedy.

    I feel for the the many homeowners who wanted to do something like this in the last few years and the banks said they couldn't help them unless they were behind on payments. So they became late on payments to qualify for a short sale or some other program. Now they come out with this.
    Oops! You told them to not pay it, they didn't pay it, now they don't qualify for the new program. (Sorry, just venting...I have seen many friends go through this.) Also, this doesn't solve the problem for those who are upside down. I know some who owe $100,000 or more than the house is currently worth. (yuck!)
    Yup, that would be me...value of the house now $100k less than when I bought it.

close