Home Affordable Refinance Program Does Not Work – North Scottsdale Real Estate
The Government announced that they are extending the “Making Homes Affordable Program”, which was set to end on June 10th, 2010, to now run through June 30th, 2011. The program was designed to help 4-5 million homeowners. It has only helped 220,000… the program does not work because current market values are significantly lower than the writers of the program foresaw. While they are updating the expiration of the program, they should also address the requirement that the first mortgage has to be less than 125% of the current market value.
Check out the program specifics here: Making Homes Affordable FAQ
Have you had any experiences with making homes affordable or other Government programs created for the housing crisis? If so, please email us at MyOpinion@ThePrecisionTeam.com or leave a comment below.
