The White House is due to make an announcement today about revisions to expand its foreclosure prevention efforts. Revisions may help reduce mortgage loan balances for some home owners and also may help unemployed home owners.
Recent statistics show that we will not see positive equity, for those who purchased during the real estate "boom", return to the housing market for about five years in some areas of the country and ten years for other areas. Since so many people are facing foreclosure do to the value of their home becoming less then the mortgage balance help from lenders to reduce the mortgage principal balance would lower monthly payments and possibly save home owners from foreclosure.
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