February 1, 2012, President Obama announced the details of a plan to help homeowners refinance their mortgages. According to the U.S. Department of Housing and Urban Development, this proposal will allow buyers to save an average of $3,000 a year by refinancing into loans backed by the FHA. To be eligible, you must be current on your mortgage.
The plan is estimated to cost between $5 billion and $10 billion, which Obama plans to cover by charging a fee to large banks.
This refinancing plan is the most recent addition to Obama’s foreclosure prevention efforts, following the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP). I blogged about this very program months ago, read my HARP blog.
Early indications are that the plan faces big challenges in Congress. If you or someone you know are in mortgage trouble, please ask your lender to exhaust all options before going down the long foreclosure road!
If you have any questions or would like to see any of the real estate in the Katy/ Houston Area, please feel free to contact me at 713-253-5678 or at Angela@AngelaKhomes.com.
Related posts:



