PORTLAND (AP) – Lenders, credit counselors and real estate agents say help may be on the way for several thousand Mainers who are in danger of losing their homes to foreclosure or are being forced to sell for less than they owe.
The program announced Wednesday by President Obama would support refinancing for people who are current on their payments but owe from 80 percent to 105 percent of their home’s value. Loans must be owned or backed by mortgage financiers Fannie Mae or Freddie Mac, which handle roughly half of all mortgages.
Maine real estate officials and lenders are still analyzing details of the program. Chris Pinkham, president of the Maine Association of Community Banks, sees the program as a new opportunity for people who haven’t communicated with their mortgage servicer. He urges homeowners to call to see if they can benefit from the program.
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