House refinancing help in effect yet? or not?

Lorie
I hear the government is going to start helping people refinance their homes at lower rates who are in trouble. Did that take in effect yet? I hear news saying that the rates are low and everyone is refinancing. My uncle who I live with is waiting for the government to help with the refinancing to get our morgage bill down to pay easier but he thinks it will be an automatic thing if it goes through to help those on repayment programs. If it is in effect already, which mortgage lenders are being helped by the feds?

Adelina
The government hasn't really fine-tuned the package for people in trouble with their mortgages.Barack Obama has alot of work.He stepped into this situation.If he fails people are going to blame him/ not Bush.If you have a questions about a mortgage, need advice, want anwers.I can be of some assistance.This is my email: waynej@ymail.comThis is my contact: (516) 227-2500 ext 280and my name is Wayne L. Jackson- Financing SpecialistI want to help if needed.

Eldridge
Interest rates are low but the government is thinking of pushing them lower. It wouldn't automatically go lower for you. You would have to refinance which may or may not be good for you depending on how many years you still have to pay on your mortgage and your current rate. There are large fees involved in refinancing so if you really are in trouble, this might make it worse before making it better. You have to look into all of this yourself instead of just listening to an agent.

Corina
NO it is NOT automatic. There have been some wonderfully low fixed interest rates for 30 year loans, and refi offers abound, but require you apply and meet standards.First step is to talk to Lender to see about Loan Modification, changing to lower interest rate, or Refi. Loan Modification is a quicker, simpler procedure and only changes interest rate, generally lowering payments.

Bronwyn
Nothing has been done "officially." It's up to individual lenders to do what they want to or can.It's likely it won't be "official" for a long time yet. By the time it is, your uncle and you will be in worse trouble. Call your mortgage lender and find out what your options are. Don't wait for the government to "do" something or fix your problem.

Harvey
The government plans you are hearing about in the new are related to Freddie an Fannie. They are offering lower interest rates and/or extending the term of the loan, they are not forgiving principle. Many of the private banks have similar programs. These programs are not automatic. You must contact the leader and ask for assistance. Also watch out for some of the conditions that come along with the programs; which very from bank to bank.