$700 Billion Bail Out Could Help Local Fresno Homeowners

September 25, 2008 9:13:39 PM PDT
Locally if the bailout goes through it could help with refinancing homes and open up tightened lending terms from banks bogged down in debt. Also, homeowners delinquent on monthly payments could benefit as well.Jennifer Rakaphoume counsels homeowners on ways to keep their homes out of foreclosure. Rakaphoume is paying close attention to the $700 billion bailout proposal on Capitol Hill. She's hopeful the language in the bailout will lead to new programs to help homeowners in financial trouble.

"Would offer them an opportunity to refinance their loans and completely start with a new lender and in a new affordable mortgage payment," said Rakaphoume.

The bailout would also help lenders who are in debt.

"If they don't do this rather quickly then we can have big problems," said Paul Salazar.

Fresno loan officer Paul Salazar said if the bailout is approved, more stability would return to the housing market and bank loans.

"They will be able to see a calming effect a stabilizing effect that comes to interest rates if they're gonna buy cars, credit card rates on their credit cards and it will even be to the gas pumps," said Salazar.

A bailout payment of this size could also make purchasing homes even easier for buyers. Half of the homes realtor Don Scordino sells are foreclosed homes. Scordino said there's already a positive trend in buying homes this summer.

"We've had 32% more sold this summer than last summer. So we are getting them closed and there's lots of buyer activity. So there's excitement out there," said Scordino.

Rakaphoume warned not to get excited too soon. When asked she said even in a best case scenario it could be months before people who really need this help would get it.

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