As a homeowner of five years who pays her mortgage in full and on time, I have been frustrated by the inability to refinance my current 5.65 percent mortgage and take advantage of today’s much lower rates [“Obama proposes mortgage relief,” news story, Feb. 2]. The reason: My home has “lost” nearly $100,000 in value in the time I’ve owned it. As a result, I’m “upside down” on my mortgage and can only refinance up to 90 percent of the appraised value — which leaves me having to bring nearly $50,000 to the table at closing.
You can imagine how hopeful I am that President Obama’s plan will be approved and passed. I’m not asking for anyone to pay off or forgive my debt; I simply want to take advantage of the decreased rates as I pay off my balance in full for the next 20 years.
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