This is an update to the recent post: Some Colorado Springs Homeowners May Be Able to Freeze Their Painful ARMs.  In this post I discussed a plan that may potentially help the Colorado Springs real estate market, by helping homeowners afford their mortgages.

Per a recent KRDO News 13 article:

"The holidays are fast approaching and, unfortunately, this will be a time of anxiety for Americans worried about their mortgages and their homes," says President Bush.  "There's no perfect solution, but the homeowners deserve our help, and the steps I've outlined today are a sensible response to a serious challenge."

To qualify for this plan, you need to meet specific criteria:

• Took out your adjustable-rate mortgage between January 2005 and July 31^st, 2007. 
• Have that rate set to adjust between January 2007 and July 31^st, 2010.
• Must have an income.
• Must live in the home with the mortgage.
• Never have missed a payment/paid on time
• Prove that you wouldn't be able to afford the higher adjustable rate
• Must not have more than 3% equity in your home.
• Home can't be worth less than the mortgage on it.

Although this plan will not help everyone, it is estimated that over 1 Million homeowners will benefit from this. If you are a homeowner in Colorado Springs that may benefit from this, please contact a reputable Colorado Springs lender and discuss your options.

Posted by: Mariana Wagner - Wagner iTeam - Colorado Springs Real Estate Agent
The Wagner iTeam is a power-team of Keller Williams Clients' Choice Realty, specializing in Colorado Springs Real Estate and Monument Real Estate.