Any lender who takes the new taxpayer bailout money under the Financial Stability Plan will be required to participate in the loan modification program. The new rate given to troubled borrowers would be put into place for 5 years. After that time it can rise 1% per year until it goes back up to the rate it was at the time of modification.
This should put a halt to many foreclosures and help to establish the bottom of pricing. The Obama Plan got a strong endorsement Wednesday from the Financial Services Round table, which represents many of the largest mortgage lenders.
Now is the time to invest in a home and the recovery process.
Let me know if you would like a list of the Best Buys to help you make your decision.
Marsha Shepard 619-995-1520 MarshaShepard@prusd.com
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