The White House is due to make an announcement today about revisions to expand its foreclosure prevention efforts. Revisions may help reduce mortgage loan balances for some home owners and also may help unemployed home owners.
Recent statistics show that we will not see positive equity, for those who purchased during the real estate "boom", return to the housing market for about five years in some areas of the country and ten years for other areas. Since so many people are facing foreclosure do to the value of their home becoming less then the mortgage balance help from lenders to reduce the mortgage principal balance would lower monthly payments and possibly save home owners from foreclosure.
Myrtle Beach Area Real Estate Retire Near Myrtle Beach North Myrtle Beach Information
SANDY KELLER, ABR, SFR, e-PRO, REALTOR
Myrtle Beach Real Estate Retirement and Real Estate Near Myrtle Beach
I was speaking to a customer today in a room full of people and he asked me to size up the crisis and explain why people are walking away from their mortgages. I said, "If you have a 500 thousand dollar mortgage and all of a sudden the value of your house crashed to 300 thousand would you keep paying off your 500 thousand dollar mortgage ?" The place got real, real silent.
Exactly!