News from Washington is that very soon President Obama might order Fannie Mae and Freddie Mac (who are government controlled) to bail out homeowners who currently owe more than their property is worth. This is an astounding development, as there are literally millions of Americans in this position right now. As a matter of fact, a total of (approximately) 15 million mortgages in the United States are currently in a state of "negative equity" which equates to about 1 in 5 homes. Wow.
What does this mean for Fort Worth and Dallas? It means that if you are in this situation, your neighbors (and pretty much every taxpayer) may soon be footing the bill for your mortgage. It also means that if you are currently waiting to refinance your loan, or if you are in the process of getting a new home, you might want to speak with your loan officer and see if they advise locking in your interest rate. Some analysts are predicting a massive jump if this bill ends up getting passed.
As always, we will keep you updated on the progress of this situation as details come available to us. If you have any questions about it, or if you are interested in getting a mortgage, don't hesitate to CONTACT US and we will get back to you as soon as possible.
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