President Obama announced his Homeowner Affordability and Stability Plan today. The plan is designed to help up to 7-9 million families avoid foreclosure. This large task will be accomplished by restructuring or refinancing their mortgages. The plan not only helps responsible homeowners that are behind on their payments or at risk of losing their homes, but prevents neighborhoods and communities from being pulled down too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
The key factors to the plan are:
1. Refinancing for Up to 4 to 5 Million Responsible Homeowners to Make Their Mortgages More Affordable
2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac
If you would like to know more about the proposal you can read what the Government has to say at the Homeowner Affordability and Stability Plan Fact.
Will Congress agree and put the plan into action? Stay tuned for more information as it becomes available. In the meantime, if you’d like any information about Real Estate in Bellingham or Whatcom County or any info about Bellingham Home’s or Condo’s you can give me a call at 360-739-6981 or drop me a line by email.