Our state has the fourth highest foreclosure rate in the country and the mortgage settlement program announced by President Obama this week will help many homeowners avoid foreclosure.
"I think its a good thing I think it will help out an awful lot of people that have come into my office in the past 2 or three years," says Stacey Walker of Northside Mortgage Company off Dawson Road.
Stacey Walker has worked in the Mortgage business for more than 20 years.
"We do all kinds of mortgages refinance purchases."
She's seen the effect the economy has had on the housing market.
"It is in our area, that with all of the mortgage crashes, people are selling their homes for basically what they can get out of them."
The new mortgage program will force some of the largest banks to work with struggling homeowners they haven't been willing to help up until now.
"My advice would be to give a mortgage company a call or a bank and see if you qualify"
Millions of americans likely will benefit from the settlement. Walker believes home sales will start picking up as well.
"Especially now there are some good programs out there especially for first time home buyers, programs I think people are not aware there are so many programs out there."
People who owe more on their mortgage than their home is worth may also qualify for help through another new program, The Heart Program.
"It benefits a homeowner that their values may have dropped because of market value. But I can say it's a case by case scenario."
And with less stress on the real estate market, hopefully the economy will turn around.
