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State considers aid for homeowners facing foreclosure
ST. PAUL The Minnesota Housing Finance Agency is considering emergency aid for homeowners who could lose their homes over high-risk mortgages.
It might be similar to an Ohio plan to refinance subprime and other mortgages.Minnesota housing officials are looking at plans to help homeowners refinance what they call "inappropriate" mortgages. But agency officials say that's only one of many options on the table, and there's no firm plan yet.Minnesota's subprime borrowers are struggling: Almost 17 percent of the state's subprime loans had late payments as of February.Twin Cities homeowners can get emergency loans of as much as five-thousand-500 dollars to catch up on their payments. But current foreclosure prevention programs don't help them refinance their loans.___Information from: St. Paul Pioneer Press, http://www.twincities.comCopyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Article Source http://wkbt.com/Global/story.asp?S=6324734
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