New Bill May Help Underwater Homeowners FOX 9 News
There is growing support for a bill that could help millions of Americans lower the interest rates on their mortgages, and the National Association of Realtors has given the proposal its backing.
Across the metro, there is a cloud hanging over homeowners as prices continue to spiral downward. Thousands of Minnesotans are currently underwater, meaning they owe more than their home is worth.
That’s where California Sen. Barbara Boxer comes into play. She has proposed the Helping Responsible Homeowners Act for those with Fannie Mae or Freddie Mac backed mortgages who have been diligent about making their payments.
The bill will allow homeowners who are underwater but up to date on their payments to reduce their interest rates to the current market rate.
“Those are the people we would like to help,” said Scott Cole, who owns Clearwater Mortgage. “They deserve it.”
Cole said he turns away homeowners wanting to refinance every day, and has been calling for an option like this for months.
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