Help on the Way for Underwater Home Owners? | New York Real Estate

Help on the Way for Underwater Home Owners?

by Tayeb Realty Group on July 20, 2011

Underwater Home Owners Refinancing

A bill introduced in the Senate aims to remove barriers for underwater home owners looking to refinance. “The Helping Responsible Homeowners Act” would order Fannie Mae and Freddie Mac to waive fees and remove barriers that are keeping underwater borrowers from refinancing to lower mortgage rates.

The bill, authored by Sen. Barbara Boxer, D-Calif., has gained more momentum in Congress after Sen. Johnny Isakson, R-Ga., who ran one of the nation’s largest real estate brokerages, also signed on to sponsor it.

“The time to help struggling home owners is now while interest rates remain at near-historic lows,” Boxer says. “This legislation would help millions of responsible home owners who are making their payments, but are still struggling to make ends meet. By helping these home owners refinance at lower rates, we will put thousands of dollars back in the pockets of families and strengthen our economy.”

Source: “Underwater Home Owners Refinancing Bill Gains Momentum,” Housing Predictor (July 15, 2011)

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