If you are behind in your house payments some potential good news for you if your mortgage is guarenteed by Freddie Mac or Fannie Mae. These 2 government agencies will be working to try and prevent an estimated 4 million homeowners that are in danger of losing their homes. As of 2008 Fannie Mae and the Freddie Mac owned or guaranteed about half of the U.S.'s $12 trillion mortgage market. If your loan is not guarenteed by one of these two contact the financial institution that handles your loan and see if they have any programs that might give you some relief.
Fannie and Freddie are going to be doing some creative things to help struggeling homeowners. Among them are reducing interest rates, in some cases to as low as 2%, extending the loan term to 40 years, and and some cases actually reducing the balance.
We will expand on this subject later soon to give you some specific information. Stay tuned for more realty news.