Not Exactly a Bailout, But Better Than Nothing. Mortgage Rate Relief Around the Corner?
December 6th, 2007 Categories: Real Estate News, Twin Cities Real Estate Economy
For a bucket load of folks in the Twin Cities who have adjustable rate mortgages that are coming due shortly, there is some good news for you.
This is also good news for homeowners who have been trying to sell their homes for the last year to no avail.
Today, the Bush Administration announced that they will be providing some relief to freeze interest rates on subprime mortgages that are scheduled to rise in the coming months. This effort is aimed at stemming a further tidal wave of foreclosures, adding several hundred dollars to a borrower’s monthly payment.
“We should not bail out lenders, real estate speculators or those who made the reckless decision to buy a home they knew they could never afford,” Bush said. “But there are some responsible homeowners who could avoid foreclosure with some assistance.” ~ Martin Crutsinger, AP
Aid will only come for those who ask for it. Letters have been sent to thousands of borrowers explaining to them their options. There is also a new hotline for answers. The number is 1-888-995-HOPE.
But I’m drowning! Here’s the bright side - less homes will be on the market because less homeowners will be forced to sell. Less homes on the market equal more buyers per home listed. At least we all hope so! Stay tuned, again. I’m all over it.
[…] of coverage throughout the blogosphere, and several Tomatoes have chimed in. Denny Oh at SanDiegoh, Jeanie at Twin City Real Estate Chat, and Mary at Beltway Ramblings all give unique insight to what this announcement […]