Help for Underwater Home Owners – Principal Reduction Encouraged
Published April 10, 2010 | 
New Help for Michigan Mortgage Holders Who Are Underwater?
Michigan Refinancing help may come from president Obama’s new changes made to the existing home affordable refinance program. The new changes now encourage lenders to reduce the principal balance by at least 10% for home owners who are “upside down” or “underwater” on the home, meaning they owe more than the home is worth.
The changes have been somewhat controversial and still allow the lenders who hold the mortgage the option, however they are encouraged to reduce balances, and also payments for people who currently owe more than the value of their homes.
This video from CBS evening news, tells a brief story of a Florida city, one of the few states that have more underwater home owners than Michigan.
Watch CBS News Videos Online
Home Affordable Refinance Program Available – Call 586-323-2500 for Details.
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Reaction to Fed’s Minutes Released Today
Published April 6, 2010 | CNBC Video discussing today’s Fed minutes released from the most recent Fed Meeting. How will the latest statements affect Michigan mortgage markets? Watch the video for details.
Whitehouse Unveils Plans to Improve Home Modification, Short Sales, and Help Underwater Borrowers
Published March 26, 2010 | Michigan Refinancing Trouble?
If you are having trouble getting qualified for a Michigan refinance loan, you are not alone. In fact the government is actually stepping up to improve their existing help for home owners programs.
Help may be on the way a some enhancements and extensions to the exiting government home affordable refinance programs.
Please leave any questions or comments below.
