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Posted: 11:50 AM Jul 2, 2009
HUD Secretary Announces Mortgage Refinancing Help
Housing and Urban Development Secretary Shaun Donovan, calling Nevada "ground zero" in the world of foreclosures, has announced an expansion plan to curb the housing market crisis.
Reporter: Associated Press Email Address: news@kolotv.com |
A new program will allow homeowners who are 90 or more days overdue on their monthly mortgage payments to be given the opportunity to put the foreclosure process on pause for 30 days while lenders try to work out a way to make the mortgage more affordable to the homeowner. (AP/Stockton Record)
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LAS VEGAS (AP) - Housing and Urban Development Secretary Shaun
Donovan, calling Nevada "ground zero" in the world of foreclosures, has announced an expansion plan to curb the housing market crisis.
Donovan visited Las Vegas on Wednesday with a backdrop of two
homes - one well-kept with green grass and the other vacant with a
brown lawn.
The expansion plan will allow homeowners who are 125 percent
underwater on their mortgages to refinance. The previous limit was
105 percent, established when the plan was detailed in February.
The new limit means an eligible homeowner with a $375,000 mortgage would be able to refinance if the house is worth at least $300,000.
The refinancing program is for homeowners with loans guaranteed by Fannie Mae or Freddie Mac.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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