So you can’t refinance your Des Moines, IA mortgage because you owe more than it’s worth? Mr. Obama has got your ticket.
While I don’t feel that it is the answer, it certainly could be a great solution for homeowners that have lost equity through the downturn in their local marketplace. President Obama pushed a rejuvenated bill through that will now allow homeowners to refinance up to 125% of their homes current market value. So, if you couldn’t refinance in the previous Des Moines, IA mortgage market – you may be able to now. However, few lenders have adapted the new lending practice for various reasons. Could it be that lenders are hesitant to lend more than the collateral is actually worth? Hmmmmmm….
Regardless, it is inevitable that some lenders will adapt the changes in good faith, and stressed homeowners will be allowed to take advantage of the lower market rates and refinance their Des Moines, IA mortgage.