Wednesday, November 21, 2007

Some good news for those facing a rate adjustment!

Arnold Schwarzenegger and the State of California made a deal with Countrywide, GMAC, Litton Loan Servicing, and HomeEq to freeze interest rates for homeowners meeting certain criteria...the owner must occupy the property as his/her primary residence, must be current on their mortgage payments, and must be able to prove that they can not afford the scheduled payment increase...unfortunately this is too late for many, but will definitely be great help for lots of others.

I will be curious to learn in the coming months how successful this loan modification program is, and how easily distressed homeowners can qualify for it...I am hoping this does not invite people trying to cheat the system! That could ruin this program for those who really need it.



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