Americans Speaking Out in Favor of Mortgage Relief
04:55 PM EDT
We've been talking about President Obama’s proposal to cut through the red tape that is preventing many homeowners from refinancing their mortgages and saving hundreds of dollars each month.
And we've been listening as people from around the country share their thoughts about why mortgage relief is such a big deal.
Here's what one group of homeowners had to say:
Leah from New York: My husband and I bought our house, our family first home, with our savings and with help from our family to make the down payment, on February 18th, 2008. By September 2008, we were underwater for nearly $25,000 at a 5.75% interest rate on a fixed 30 year mortgage. We paid our mortgage every month, we've never missed a payment, and our taxes are paid in full. Our income has gone down, our mortgage on a once $215,000 home has stayed the same and our credit card debt continues to grow. There must be a way out.
Gene from Oregon: With so many people unemployed or in low paying jobs, and with this poor economic climate, it just makes good sense to let folks keep a little more money in their pockets through affordable refinancing plans instead of paying out every nickel in exorbitant monthly mortgage payments. A two or three hundred dollar monthly savings on such payments could make an incredible difference in boosting people's sense of self-worth, their self-confidence, confidence in the American way of life, as well as increasing the diversification of their spending.
Barbara from Connecticut: We are among the many who work and pay their mortgage, we are involved members of our community. We are so close to walking away from our underwater situation. It will be a loss for us, the investors in our mortgage loan and our neighborhood. Multiply this throughout the country and it's a major contributing factor to a stalled economy in the U.S.A.
Jody from Ohio: I bought a fixer-upper in 2008, one I could afford until I got laid off in 2011 and have not found my feet yet. I have to say I didn't have the best credit at the time so I did not get a great rate. I also fell down a few times trying to find my feet (no luck and a lot of bills). I still have my house and I'm up to date on the payments. But not on all of my bills. I cannot find a job, I'm older and everyone I know is saying the same thing. A few more dollars a month saved on my house payment would only help me pay all the other things I owe, on my way to learning how to live on a lot less.
These people have already spoken out in support of mortgage relief. Will you join them?